485BPOS
2012-08-31
0001141819
2012-12-28
TRUST FOR PROFESSIONAL MANAGERS
false
2012-12-21
2012-12-28
<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 />Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. During the most recent fiscal year, the Fund's portfolio turnover<br />rate was 69.1% of the average value of its portfolio.</tt>
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<tt>The investment objective of the Geneva Advisors Equity Income Fund <br />(the "Fund" or the "Equity Income Fund") is current income,</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 in<br />the table above is reflected only through December 29, 2013.</tt>
<tt>The Fund seeks to achieve its investment objective by investing in publicly<br />traded securities without regard to market capitalizations. The Fund's<br />investment strategy focuses on identifying stocks within multiple industry<br />groups. The Fund seeks to generate current income while providing a modest<br />amount of capital appreciation. The Fund has wide flexibility in the types of<br />securities used to generate a current income yield.<br /> <br />The Fund may invest in preferred stocks, real estate investment trusts<br />("REITs"), master limited partnerships ("MLPs") and convertible securities. A<br />REIT is a security of a company that invests in real estate, either through real<br />estate property, mortgages and similar real estate investments, or all of the<br />foregoing. MLPs are businesses organized as limited partnerships that trade<br />their proportionate shares of the partnership (units) on a public exchange. <br />Using quantitative and qualitative measures established by the Adviser, the <br />Fund also seeks to purchase dividend-paying and non-dividend-paying common <br />stocks that have stronger relative performance than other dividend-paying<br />and non-dividend-paying common stocks. The Adviser may sell the Fund's<br />investments for a variety of reasons, including to secure gains, limit losses <br />or reinvest in more promising investment opportunities.<br /> <br />The Fund may also invest up to 30% of its net assets in securities of "foreign<br />issuers." "Foreign issuers" means non-U.S. companies: (a) whose securities are<br />not traded on a U.S. exchange; (b) whose securities are traded on a U.S.<br />exchange, and denominated in U.S. dollars, in the form of American Depositary<br />Receipts ("ADRs"); and (c) who are organized and headquartered outside the<br />United States but whose securities are publicly traded on a U.S. exchange. The<br />Fund may invest up to 25% of its net assets in securities of "foreign issuers"<br />located in emerging markets. Emerging markets are less developed countries as<br />defined by the investment community and represented by the Morgan Stanley<br />Capital International Emerging Markets Index ("MSCI EM").</tt>
Geneva Advisors Equity Income Fund
<tt>with a secondary objective of modest capital appreciation.</tt>
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 this prospectus, which reflects the
operating expenses of the Fund and does not include Acquired Fund Fees and
Expenses, which are less than 0.01% of the Fund's average net assets.
Example
After-tax returns are calculated using the historically highest individual
federal marginal income tax rates and do not reflect the impact of state
and local taxes.
Investment Objective
Remember, the Fund's past performance, before and after taxes, is not
necessarily an indication of how the Fund will perform in the future.
Remember that 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:
0.691
Actual after-tax returns depend on an investor's tax situation and may differ
from those shown, and after-tax returns are not relevant to investors who hold
their Fund shares through tax-deferred arrangements such as 401(k) plans or
individual retirement accounts.
Class I Shares Calendar Year Returns as of December 31
Performance
<tt>After-tax returns are shown for Class I shares only and will vary for Class R<br />shares. After-tax returns are calculated using the historically highest<br />individual federal marginal income tax rates and do not reflect the impact of<br />state and local taxes. Actual after-tax returns depend on an investor's tax<br />situation and may differ from those shown, and after-tax returns are not<br />relevant to investors who hold their Fund shares through tax-deferred<br />arrangements such as 401(k) plans or individual retirement accounts.</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 one year and since inception
compare with those of a broad measure of market performance.
<tt>The calendar year-to-date return for the Fund's Class I shares as of <br />September 30, 2012 was 6.69%. During the period shown in the bar chart, <br />the best performance for a quarter was 14.79% (for the quarter ended <br />December 31, 2011). The worst performance was -10.92% (for the quarter <br />ended September 30, 2011).</tt>
877-343-6382
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns Period Ended December 31, 2011
Portfolio Turnover
<tt>Remember that in addition to possibly not achieving your investment goals, you<br />could lose money by investing in the Fund. The principal risks of investing in<br />the Fund are:<br /> <br />·  Management Risk. The Adviser's investment strategies for the Fund may not     <br />   result in an increase in the value of your investment or in overall           <br />   performance equal to other investments. <br /><br />·  General Market Risk. The value of the Fund's shares will fluctuate based on   <br />   the performance of the Fund's investments and other factors affecting the     <br />   securities markets generally. <br /><br />·  Equity Market Risk. Common stocks are susceptible to general stock market     <br />   fluctuations and to volatile increases and decreases in value as market       <br />   confidence in and perceptions of their issuers change. Preferred stock is     <br />   subject to the risk that the dividend on the stock may be changed or omitted  <br />   by the issuer, and that participation in the growth of an issuer may be       <br />   limited. <br /><br />·  Small-Cap, Mid-Cap and Micro-Cap Company Risk. Small-, mid- and micro-cap     <br />   companies may not have the management experience, financial resources, product<br />   diversification and competitive strengths of large-cap companies, and,        <br />   therefore, their securities tend to be more volatile than the securities of   <br />   larger, more established companies, making them less liquid than other        <br />   securities. <br /><br />·  Large-Cap Company Risk. Larger, more established companies may be unable to   <br />   respond quickly to new competitive challenges such as changes in consumer     <br />   tastes or innovative smaller competitors. Also, large-cap companies are       <br />   sometimes unable to attain the high growth rates of successful, smaller       <br />   companies, especially during extended periods of economic expansion. <br /><br />·  Real Estate Risk. Adverse changes in general economic and local market        <br />   conditions, supply or demand for similar or competing properties, taxes,      <br />   governmental regulations or interest rates, as well as the risks associated   <br />   with improving and operating property, may decrease the value of REITs in     <br />   which the Fund may invest. Additionally, there is always a risk that a REIT   <br />   will fail to qualify for favorable tax treatment. <br /><br />·  Master Limited Partnerships Risk. MLP investment returns are enhanced during  <br />   periods of declining or low interest rates and tend to be negatively          <br />   influenced when interest rates are rising. In addition, most MLPs are fairly  <br />   leveraged and typically carry a portion of a "floating" rate debt. As such, a <br />   significant upward swing in interest rates would also drive interest expense  <br />   higher. Furthermore, most MLPs grow by acquisitions partly financed by debt,  <br />   and higher interest rates could make it more difficult to make acquisitions. <br />   MLP investments also entail many of the general tax risks of investing in a <br />   partnership. Limited partners in an MLP typically have limited control and <br />   limited rights to vote on matters affecting the partnership. <br /><br />·  Growth Stock Risk. Growth securities experience relatively rapid earnings     <br />   growth and typically trade at higher multiples of current earnings than other <br />   securities. Growth securities may be more volatile because growth companies   <br />   usually invest a high portion of earnings in their business, and they may lack<br />   the dividends of value stocks that can lessen the decreases in stock prices in<br />   a falling market. <br /><br />·  Convertible Securities Risk. A convertible security is a fixed-income security<br />   (a debt instrument or a preferred stock) that may be converted at a stated    <br />   price within a specified period of time into a certain quantity of the common <br />   stock of the same or a different issuer. The market value of a convertible    <br />   security performs like that of a regular debt security, that is, if market    <br />   interest rates rise, the value of the convertible security falls. <br /><br />·  Foreign Securities Risk. The risks relating to political, social and economic <br />   developments abroad and differences between U.S. and foreign regulatory       <br />   requirements and market practices, including fluctuations in foreign currencies. <br /><br />·  Emerging Markets Risk. Countries in emerging markets are generally more       <br />   volatile and can have relatively unstable governments, social and legal       <br />   systems that do not protect shareholders, economies based on only a few       <br />   industries, and securities markets that trade a small number of issues. <br /><br />·  Depository Receipts Risk. The Fund may invest its assets in securities of     <br />   foreign issuers in the form of ADRs, which are securities representing        <br />   securities of foreign issuers. A purchaser of unsponsored depositary receipts <br />   may not have unlimited voting rights and may not receive as much information  <br />   about the issuer of the underlying securities as with a sponsored depositary  <br />   receipt.</tt>
Fees and Expenses of the Fund
After-tax returns are shown for Class I shares only and will vary for Class R shares.
Principal Investment Strategies
<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 one year and since inception compare<br />with those of a broad measure of market performance. Remember, the Fund's past<br />performance, before and after taxes, is not necessarily an indication of how the<br />Fund will perform in the future. Updated performance information is available by<br />calling 877-343-6382.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and <br />hold shares of the Fund.</tt>
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Russell 1000® Value Index (reflects no deduction for fees, expenses, or taxes)
0.0039
0.0346
2010-04-30
Return After Taxes on Distributions and Sale of Fund Shares
0.0672
0.1292
2010-04-30
Return After Taxes on Distributions
0.0970
0.1491
2010-04-30
GNEIX
worst performance
best performance
2012-09-30
Return Before Taxes
112
2011-12-31
418
-0.1092
-0.0038
1725
-0.0200
759
0.1479
0.0992
0.0038
0.0110
2013-12-29
2011-09-30
year-to-date return
0.0992
0.0000
0.0110
0.0148
0.1514
2010-04-30
0.0669
GNERX
Return Before Taxes
148
526
-0.0038
2106
-0.0200
943
0.0960
0.0038
0.0110
2013-12-29
0.0035
0.0145
0.0183
0.1477
2010-04-30
<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 <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 />Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. During the most recent fiscal year, the Fund's portfolio turnover<br />rate was 102.2% of the average value of its portfolio.</tt>
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<tt>The investment objective of the Geneva Advisors All Cap Growth Fund (the <br />"Fund" or the "All Cap Growth Fund") is long-term capital appreciation.</tt>
<tt>This Example is intended to help you compare the costs of investing in the <br />Fund with the cost of investing in other mutual funds. The Example assumes <br />that you invest $10,000 in the Fund for the time periods indicated and <br />then redeem all of your shares at the end of those periods. The Example <br />also assumes that your investment has a 5% return each year and that the <br />Fund's operating expenses remain the same. The fee waiver/expense <br />reimbursement arrangement discussed in the table above is reflected only <br />through December 29, 2013.</tt>
reflects no deduction for fees, expenses, or taxes
<tt>The Fund seeks to achieve its investment objective by investing primarily <br />in common stocks of U.S. companies without regard to market capitalizations. <br />The Fund's investment strategy focuses on identifying stocks within multiple<br />industry groups. Using quantitative and qualitative measures established <br />by the Adviser, the Fund seeks to purchase common stocks that have stronger <br />relative performance than other common stocks. The Adviser may sell the Fund's <br />investments for a variety of reasons, including to secure gains, limit losses <br />or reinvest in more promising investment opportunities. <br /><br />Under normal conditions, the Fund may invest up to 100% of its net assets in<br />common stocks of U.S. companies. Additionally, the Fund may invest up to 30% <br />of its net assets in securities of "foreign issuers." "Foreign issuers" means<br />non-U.S. companies: (a) whose securities are not traded on a U.S. exchange; <br />(b) whose securities are traded on a U.S. exchange, and denominated in U.S. <br />dollars, in the form of American Depositary Receipts ("ADRs"); and (c) who are <br />organized and headquartered outside the United States but whose securities are <br />publicly traded on a U.S. exchange. The Fund may invest up to 25% of its net <br />assets in securities of "foreign issuers" located in emerging markets. Emerging <br />markets are less developed countries as defined by the investment community and<br />represented by the Morgan Stanley Capital International Emerging Markets Index<br />("MSCI EM").<br /> <br />Under normal market conditions, the Adviser uses a bottom-up, fundamental<br />investment approach to identify quality growth companies. In assessing whether <br />a company is a quality growth company, the Adviser may consider, among other<br />things, whether such company has sustainable competitive advantages and highly<br />visible future growth potential, including internal revenue growth, large <br />market opportunities and simple business models, and shows strong cash flow <br />generation and high return on invested capital. The Adviser utilizes proprietary <br />research and a rigorous qualitative and quantitative investment process. The <br />Adviser normally does not engage in active trading of the Fund's investments.</tt>
Geneva Advisors All Cap Growth 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 this prospectus,
which reflects the operating expenses of the Fund and does not include
Acquired Fund Fees and Expenses, which are less than 0.01% of the Fund's
average net assets.
Example
After-tax returns are calculated using the historically highest individual
federal marginal income tax rates and do not reflect the impact of state
and local taxes.
Investment Objective
Remember, the Fund's past performance, before and after taxes, is not
necessarily an indication of how the Fund will perform in the future.
Remember that 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:
The Return After Taxes on Distributions and Sale of Fund Shares may be higher
than other return figures when a capital loss occurs upon the redemption of
Fund shares and provides an assumed tax benefit that increases the after-tax
return.
1.022
Actual after-tax returns depend on an investor's tax situation and may differ
from those shown, and after-tax returns are not relevant to investors who hold
their Fund shares through tax-deferred arrangements such as 401(k) plans or
individual retirement accounts.
Class I Shares Calendar Year Returns as of December 31
Performance
<tt>After-tax returns are shown for Class I shares only and will vary for <br />Class R shares. After-tax returns are calculated using the historically <br />highest individual federal marginal income tax rates and do not reflect <br />the impact of state and local taxes. Actual after-tax returns depend on <br />an investor's tax situation and may differ from those shown, and <br />after-tax returns are not relevant to investors who hold their Fund <br />shares through tax-deferred arrangements such as 401(k) plans or <br />individual retirement accounts.<br /> <br />The Return After Taxes on Distributions and Sale of Fund Shares may be <br />higher than other return figures when a capital loss occurs upon the <br />redemption of Fund shares and provides an assumed tax benefit that <br />increases the after-tax return.</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 one year, three year and since
inception compare with those of a broad measure of market performance.
<tt>The calendar year-to-date return for the Fund's Class I shares as <br />of September 30, 2012 was 13.74%. During the period shown in the <br />bar chart, the best performance for a quarter was 22.11% (for the <br />quarter ended September 30, 2010). The worst performance was <br />-22.94% (for the quarter ended December 31, 2008).</tt>
877-343-6382
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns Period Ended December 31, 2011
Portfolio Turnover
<tt>Remember that in addition to possibly not achieving your investment goals, you<br />could lose money by investing in the Fund. The principal risks of investing in<br />the Fund are: <br /><br />·  Management Risk. The Adviser's investment strategies for the Fund may not     <br />   result in an increase in the value of your investment or in overall           <br />   performance equal to other investments. <br /><br />·  General Market Risk. The value of the Fund's shares will fluctuate based on   <br />   the performance of the Fund's investments and other factors affecting the     <br />   securities markets generally. <br /><br />·  Equity Market Risk. Common stocks are susceptible to general stock market     <br />   fluctuations and to volatile increases and decreases in value as market       <br />   confidence in and perceptions of their issuers change. Preferred stock is     <br />   subject to the risk that the dividend on the stock may be changed or omitted  <br />   by the issuer, and that participation in the growth of an issuer may be       <br />   limited. <br /><br />·  Small-Cap, Mid-Cap and Micro-Cap Company Risk. Small-, mid- and micro-cap     <br />   companies may not have the management experience, financial resources, product<br />   diversification and competitive strengths of large-cap companies and,         <br />   therefore, their securities tend to be more volatile than the securities of   <br />   larger, more established companies, making them less liquid than other        <br />   securities. <br /><br />·  Large-Cap Company Risk. Larger, more established companies may be unable to   <br />   respond quickly to new competitive challenges such as changes in consumer     <br />   tastes or innovative smaller competitors. Also, large-cap companies are       <br />   sometimes unable to attain the high growth rates of successful, smaller       <br />   companies, especially during extended periods of economic expansion. <br /><br />·  Growth Stock Risk. Growth securities experience relatively rapid earnings     <br />   growth and typically trade at higher multiples of current earnings than other <br />   securities. Growth securities may be more volatile because growth companies   <br />   usually invest a high proportion of earnings in their businesses, and they <br />   may lack the dividends of value stocks that can lessen the decreases in stock     <br />   prices in a falling market. <br /><br />·  Foreign Securities Risk. The risks relating to political, social and economic <br />   developments abroad and differences between U.S. and foreign regulatory       <br />   requirements and market practices, including fluctuations in foreign <br />   currencies.                                                                   <br />  <br />·  Emerging Markets Risk. Countries in emerging markets are generally more       <br />   volatile and can have relatively unstable governments, social and legal       <br />   systems that do not protect shareholders, economies based on only a few       <br />   industries, and securities markets that trade a small number of issues. <br /><br />·  Depository Receipts Risk. The Fund may invest its assets in securities of     <br />   foreign issuers in the form of ADRs, which are securities representing        <br />   securities of foreign issuers. A purchaser of unsponsored depositary receipts <br />   may not have unlimited voting rights and may not receive as much information  <br />   about the issuer of the underlying securities as with a sponsored depositary  <br />   receipt. <br /><br />·  High Portfolio Turnover Risk. A higher portfolio turnover rate may result in  <br />   increased brokerage transaction costs and the realization by the Fund, and the<br />   distribution to shareholders, of a greater amount of capital gains than if the<br />   Fund had a lower portfolio turnover rate, which may lower the Fund's return. A<br />   high turnover rate may mean that you would have a higher tax liability. <br />   Distributions to shareholders of short-term capital gains are taxed as <br />   ordinary income under federal income tax laws.</tt>
Fees and Expenses of the Fund
After-tax returns are shown for Class I shares only and will vary for Class R shares.
Principal Investment Strategies
<tt>The performance information demonstrates the risks of investing in the <br />Fund by showing changes in the Fund's performance from year to year <br />and by showing how the Fund's average annual total returns for one year, <br />three year and since inception compare with those of a broad measure of <br />market performance. Remember, the Fund's past performance, before and <br />after taxes, is not necessarily an indication of how the Fund will <br />perform in the future. Updated performance information is available by <br />calling 877-343-6382.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and <br />hold shares of the Fund.</tt>
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Russell 3000® Growth Index (reflects no deduction for fees, expenses, or taxes)
0.0218
0.0011
2007-09-28
0.1809
Return After Taxes on Distributions and Sale of Fund Shares
-0.0305
0.0030
2007-09-28
0.1681
Return After Taxes on Distributions
-0.0469
0.0035
2007-09-28
0.1932
GNVIX
worst performance
best performance
2012-09-30
Return Before Taxes
112
2010-09-30
398
-0.2294
-0.0027
0.3140
1615
-0.0200
715
0.2211
-0.0469
0.0027
-0.4420
0.0110
2013-12-29
2008-12-31
0.3565
year-to-date return
-0.0469
0.0000
0.0110
0.0137
0.0035
2007-09-28
0.1374
0.1932
GNVRX
Return Before Taxes
148
505
-0.0026
1990
-0.0200
895
-0.0492
0.0026
0.0110
2013-12-29
0.0035
0.0145
0.0171
0.0009
2007-09-28
0.1905
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2012-12-28
pure
iso4217:USD
If a separately managed account client of the Fund's investment advisor, Geneva Investment Management of Chicago, LLC (the "Adviser") invests in the Fund, the Adviser may be compensated for both managing the Fund and for managing the client's assets (which include the client's investment in the 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 this prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses, which are less than 0.01% of the Fund's average net assets.
Pursuant to an operating expense limitation agreement between 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 (exclusive of interest, acquired fund fees and expenses, leverage and tax expenses, dividends and interest expenses on short positions, brokerage commissions and extraordinary expenses) do not exceed 1.45% for Class R shares and 1.10% for Class I shares of the Fund's average net assets, through December 29, 2013. The current 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.
The returns shown in the bar chart are for Class I shares. The performance of Class R shares will differ due to differences in expenses.
Pursuant to an operating expense limitation agreement between 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 (exclusive of interest, acquired fund fees and expenses, leverage and tax expenses, dividends and interest expenses on short positions, brokerage commissions and extraordinary expenses) do not exceed 1.45% for Class R shares and 1.10% for Class I shares of the Fund's average net assets, through December 29, 2013. The current 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.