0000894189-14-001774.txt : 20140411 0000894189-14-001774.hdr.sgml : 20140411 20140411135629 ACCESSION NUMBER: 0000894189-14-001774 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20140411 DATE AS OF CHANGE: 20140411 EFFECTIVENESS DATE: 20140411 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: 14759497 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: 14759498 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 S000027238 Convergence Core Plus Fund C000082220 Convergence Core Plus Fund - Investment Class MARVX C000082221 Convergence Core Plus Fund - Institutional Class MARNX 0001141819 S000043088 Convergence Opportunities Fund C000133374 Convergence Opportunities Fund - Investment Class CIPVX C000133375 Convergence Opportunities Fund - Institutional Class CIPOX 485BPOS 1 cnvrgnctpm-485b_xbrl.htm POST EFFECTIVE AMENDMENT (EXHIBIT FILING) - XBRL Unassociated Document

 
As filed with the Securities and Exchange Commission on April 11, 2014
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.
432
 
[X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[X]
Amendment No.
434
 
[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. 432 hereby incorporates Parts A, B and C from the Fund’s PEA No. 431 on Form N-1A filed March 24, 2014.  This PEA No. 432 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 431.
 
 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post-Effective Amendment No. 432 to its Registration Statement meets all of the requirements for effectiveness pursuant to Rule 485(b) of the Securities Act of 1933, as amended, and the Registrant has duly caused this Post-Effective Amendment No. 432 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Milwaukee and State of Wisconsin, on the 11th day of April, 2014.

TRUST FOR PROFESSIONAL MANAGERS

By:  /s/ John P. Buckel                                                           
John P. Buckel
President and Principal Executive Officer
 
Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 432 to its Registration Statement has been signed below on April 11, 2014, by the following persons in the capacities indicated.
 
Signature
 
 
Title
Joseph C. Neuberger*                                                                
Joseph C. Neuberger
 
 
Chairperson and Interested Trustee
Michael D. Akers*                                                     
Michael D. Akers
 
 
Independent Trustee
Gary A. Drska*                                                                
Gary A. Drska
 
 
Independent Trustee
Jonas B. Siegel*                                                                
Jonas B. Siegel
 
 
Independent Trustee
John P. Buckel                                                               
John P. Buckel
 
 
President and Principal Executive Officer
Jennifer A. Lima*                                                      
Jennifer A. Lima
 
 
Vice President, Treasurer and Principal Financial and Accounting Officer
* By:       /s/ John P. Buckel                                           
John P. Buckel
*Attorney-in-Fact pursuant to Power of Attorney previously filed with Registrant’s Post-Effective Amendment No. 428 to its Registration Statement on Form N-1A with the SEC on February 14, 2014, 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





EX-101.INS 2 ck0001141819-20140324.xml INSTANCE DOCUMENT 0001141819 2013-11-30 2013-11-30 0001141819 ck0001141819:S000027238Member 2013-11-30 2013-11-30 0001141819 ck0001141819:S000027238Member ck0001141819:C000082220Member 2013-11-30 2013-11-30 0001141819 ck0001141819:S000027238Member ck0001141819:C000082221Member 2013-11-30 2013-11-30 0001141819 ck0001141819:S000027238Member rr:AfterTaxesOnDistributionsMember ck0001141819:C000082221Member 2013-11-30 2013-11-30 0001141819 ck0001141819:S000027238Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001141819:C000082221Member 2013-11-30 2013-11-30 0001141819 ck0001141819:S000027238Member ck0001141819:index_Russell_3000_Index_reflects_no_deduction_for_fees_expenses_or_taxes_Member 2013-11-30 2013-11-30 0001141819 ck0001141819:S000043088Member 2013-11-30 2013-11-30 0001141819 ck0001141819:S000043088Member ck0001141819:C000133374Member 2013-11-30 2013-11-30 0001141819 ck0001141819:S000043088Member ck0001141819:C000133375Member 2013-11-30 2013-11-30 iso4217:USD xbrli:pure Investment Class shares of the Fund commenced operations on January 31, 2013. Performance shown for Investment Class shares for periods prior to its inception reflects the performance of Institutional Class shares, adjusted to reflect Investment Class expenses. Please note that the Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets After Waiver, Expense Reimbursement and Recoupments found within the "Financial Highlights" section of this prospectus, which includes recoupment of previously waived or reimbursed expenses under the Fund's operating expense limitation agreement during the prior fiscal year. Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year. Pursuant to an operating expense limitation agreement between Convergence Investment Partners, LLC, the Fund's investment adviser (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 dividends or interest expenses on short positions, acquired fund fees and expenses, leverage and tax expenses, brokerage commissions, and extraordinary expenses) do not exceed 1.75% and 1.50% of the Fund's average daily net assets for Investment Class shares and Institutional Class shares, respectively, through at least November 29, 2016. 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. TRUST FOR PROFESSIONAL MANAGERS 485BPOS false 0001141819 2013-11-30 2014-03-24 2014-03-25 2014-03-25 Convergence Core Plus Fund MARVX MARNX Investment Objective <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The investment objective of the Convergence Core Plus Fund (the &#8220;Fund&#8221; or &#8220;Core Plus Fund&#8221;) is to seek long-term capital growth.</font> </div> Principal Investment Strategies <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund seeks to achieve its investment objective by establishing long and short positions in equity securities of domestic and foreign companies.&#160;&#160;The Fund focuses primarily on companies with medium and large market capitalizations, although the Fund may establish long and short positions in companies of any market capitalization.&#160;&#160;The Fund will hold long (purchase) securities that the Convergence Investment Partners, LLC (the &#8220;Adviser&#8221;) believes will outperform the market, and will sell short securities expected to underperform the market.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund intends to maintain a net long exposure (the market value of long positions minus the market value of short positions) of approximately 100%.&#160;&#160;Under normal market conditions, the Fund&#8217;s long positions may range from 120% to 150% and its short positions may range from 20% to 50%.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In making investment decisions for the Fund, the Adviser utilizes a bottom-up approach that focuses on the individual strengths of the underlying companies and the relative and absolute attractiveness of the companies&#8217; stocks.&#160;&#160;Using a proprietary model, the Adviser first employs a quantitative method of analysis based on four broad categories: growth; valuation; behavioral; and risk.&#160;&#160;The Adviser seeks to maximize return while minimizing the risk assumed by the Fund by utilizing a dynamic weighting scheme to calculate a security&#8217;s risk-adjusted return as compared to other securities, and balancing the effect a purchase or sale of a security against diversification and risk management constraints of the Fund&#8217;s portfolio.&#160;&#160;The Adviser makes decisions to buy and sell securities according to this model.</font> </div> Example <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;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.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 252 776 1326 2826 224 961 1185 2544 ~ http://usbank.com/20140324/role/ScheduleExpenseExampleTransposed20002 column dei_LegalEntityAxis compact ck0001141819_S000027238Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Performance <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">The performance information demonstrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for the one-year, three-year and since inception periods compare with those of a broad measure of market performance.&#160;&#160;Remember, the Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</font>&#160;&#160;Updated performance information is available on the Fund&#8217;s website at www.investcip.com or by calling the Fund toll-free at <font style="DISPLAY: inline">877-677-9414</font>.</font> </div> Institutional Class Shares(1) Calendar Year Returns as of December 31 0.2273 0.0383 0.2082 0.3128 ~ http://usbank.com/20140324/role/ScheduleAnnualTotalReturnsBarChart20003 column dei_LegalEntityAxis compact ck0001141819_S000027238Member column rr_ProspectusShareClassAxis compact ck0001141819_C000082221Member row primary compact * ~ best performance 0.1583 2012-03-31 worst performance -0.1720 2011-09-30 year-to-date return 0.3128 2013-12-31 <div align="justify" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">The calendar year-to-date return for the Fund&#8217;s Institutional Class shares as of December 31, 2013 was 31.28%.&#160;&#160;During the period shown in the bar chart, the best performance for a quarter was 15.83% (for the quarter ended March 31, 2012).&#160;&#160;The worst performance was -17.20% (for the quarter ended September 30, 2011).</font> </div> <table cellpadding="0" cellspacing="0" id="list-8" style="font-size: 10pt; font-family: times new roman; width: 100%;"> <tr valign="top"> <td align="right" style="width: 27pt;"> <div> <font style="display: inline; font-family: Times New Roman; font-size: 9pt;"><font style="font-family: Times New Roman; font-size: 9pt;"><font style="display: inline; font-size: 70%; vertical-align: text-top;">(1)</font>&#160;&#160;</font></font> </div> </td> <td> <div align="justify" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-family: Times New Roman; font-size: 9pt;">The return information shown in the bar chart is for Institutional Class shares.&#160;&#160;The Investment Class shares commenced operations on January 31, 2013.&#160;&#160;The Investment Class shares would have substantially similar returns because the shares are invested in the same portfolio of securities and the return would differ only to the extent that the classes do not have the same expenses.</font> </div> </td> </tr> </table> 0.3128 0.1873 Institutional Class Shares Return Before Taxes 0.2942 0.1753 Institutional Class Shares Return After Taxes on Distributions 0.1831 0.1469 Institutional Class Shares Return After Taxes on Distributions and Sale of Fund Shares 0.3094 0.1843 Investment Class Shares Return Before Taxes 0.3355 0.1609 Russell 3000&#174; Index (reflects no deduction for fees, expenses or taxes) 2009-12-29 2013-01-31 2009-12-29 ~ http://usbank.com/20140324/role/ScheduleAverageAnnualReturnsTransposed20004 column dei_LegalEntityAxis compact ck0001141819_S000027238Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After-tax returns are shown for Institutional Class shares only and would vary for Investment Class shares.&#160;&#160;Investment Class shares commenced operations on January 31, 2013.&#160;&#160;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. Actual after-tax returns depend on an investor&#8217;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 (&#8220;IRA&#8221;).</font> </div> www.investcip.com After-tax returns are shown for Institutional Class shares only and would vary for Investment Class shares. 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. 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 ("IRA"). 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 returns for the one-year, three-year and since inception periods compare with those of a broad measure of market performance. Remember, the Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Average Annual Total Returns (Periods Ended December 31, 2013) 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. 877-677-9414 (reflects no deduction for fees, expenses or taxes) Fees and Expenses of the Fund <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> 0.0100 0.0100 0.0025 0.0000 0.0093 0.0093 0.0031 0.0028 0.0249 0.0221 ~ http://usbank.com/20140324/role/ScheduleAnnualFundOperatingExpenses20001 column dei_LegalEntityAxis compact ck0001141819_S000027238Member row primary compact * ~ Please note that the Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets After Waiver, Expense Reimbursement and Recoupments found within the "Financial Highlights" section of this prospectus, which includes recoupment of previously waived or reimbursed expenses under the Fund's operating expense limitation agreement during the prior fiscal year. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) None Portfolio Turnover <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These costs, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;</font>During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 247.67% of the average value of its portfolio.</font> </div> 2.4767 Principal Risks <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.&#160;&#160;Remember, in addition to possibly not achieving your investment goals, <font style="DISPLAY: inline; FONT-WEIGHT: bold">you could lose money by investing in the Fund</font>.&#160;&#160;The principal risks of investing in the Fund are:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-0" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Management Risk.&#160;&#160;</font>Investment strategies employed by the Adviser in selecting investments and asset allocations for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-1" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">General Market Risk.&#160;&#160;</font>Certain securities selected for the Fund&#8217;s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-2" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Equity Market Risk.&#160;&#160;</font>Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-3" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Foreign Securities Risk.</font>&#160;&#160;Investments in foreign companies involve certain risks not generally associated with investments in the securities of U.S. companies, including changes in currency exchange rates, unstable political, social and economic conditions, a lack of adequate or accurate company information, differences in the way securities markets operate, less secure international banks or securities depositories than those in the U.S. and foreign controls on investment.&#160;&#160;Income earned on foreign securities may be subject to foreign withholding taxes.&#160;&#160;In addition, individual international country economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, capital reinvestment, resources, self-sufficiency and balance of payments position.&#160;&#160;These risks may be greater in emerging markets and in less developed countries.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-4" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" width="100%"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Large-Capitalization Company Risk.</font>&#160;&#160;Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors.&#160;&#160;Also, large-capitalization companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-5" style="FONT-FAMILY: times new roman; 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Convergence Opportunities Fund CIPVX CIPOX Investment Objective <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The investment objective of the Convergence Opportunities Fund (the &#8220;Fund&#8221; or &#8220;Opportunities Fund&#8221;) is to seek long-term capital growth.</font> </div> Principal Investment Strategies <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund seeks to achieve its investment objective by establishing long and short positions in equity securities of domestic and foreign companies.&#160;&#160;The Fund focuses primarily on companies with small to medium market capitalizations, although the Fund may establish long and short positions in companies of any market capitalization.&#160;&#160;The Fund generally considers companies with small and medium market capitalizations to be those companies that comprise the lower 2,500 stocks by market capitalization of the Russell 3000<font style="DISPLAY: inline; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In making investment decisions for the Fund, the Adviser utilizes a bottom-up approach that focuses on the individual strengths of the underlying companies and the relative and absolute attractiveness of the companies&#8217; stocks.&#160;&#160;Using a proprietary model, the Adviser first employs a quantitative method of analysis based on four broad categories: growth; valuation; behavioral; and risk.&#160;&#160;The Adviser seeks to maximize return while minimizing the risk assumed by the Fund by utilizing a dynamic weighting scheme to calculate a security&#8217;s risk-adjusted return as compared to other securities, and balancing the effect a purchase or sale of a security against diversification and risk management constraints of the Fund&#8217;s portfolio.&#160;&#160;The Adviser makes decisions to buy and sell securities according to this model.</font> </div> Example <div align="justify" style="TEXT-INDENT: 0pt; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">When the Fund has been in operation for a full calendar year, performance information will be shown in this Prospectus.&#160;&#160;Updated performance information will be available on the Fund&#8217;s website at www.investcip.com or by calling the Fund toll-free at 877-677-9414</font>.</font> </div> www.investcip.com 877-677-9414 When the Fund has been in operation for a full calendar year, performance information will be shown in this Prospectus. Fees and Expenses of the Fund <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> 0.0100 0.0100 0.0025 0.0000 0.0039 0.0039 0.0020 0.0020 0.0184 0.0159 -0.0009 -0.0009 0.0175 0.0150 ~ http://usbank.com/20140324/role/ScheduleAnnualFundOperatingExpenses20007 column dei_LegalEntityAxis compact ck0001141819_S000043088Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 2016-11-29 Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year. Shareholder Fees (fees paid directly from your investment) None Portfolio Turnover <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;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.&#160;&#160;These transaction costs and potentially higher taxes, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund&#8217;s performance.</font> </div> Principal Risks <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.&#160;&#160;Remember, in addition to possibly not achieving your investment goals, <font style="DISPLAY: inline; 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font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div align="justify" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">High Portfolio Turnover Rate Risk</font>.&#160;&#160;The Fund may have a relatively high turnover rate compared to many mutual funds.&#160;&#160;A high portfolio turnover rate (100% or more) has the potential to result in increased brokerage transaction costs which may lower the Fund&#8217;s returns.&#160;&#160;Furthermore, a high portfolio turnover rate may result in the realization by the Fund, and distribution to shareholders, of a greater amount of capital gains, including short-term capital gains, than if the Fund had a low portfolio turnover rate.&#160;&#160;Distributions to shareholders of short-term capital gains are taxed as ordinary income under federal income tax laws.&#160;&#160;This could result in a higher tax liability and may lower an investor&#8217;s after-tax return.</font> </div> </td> </tr> </table> Remember, in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund. 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Convergence Opportunities Fund
Convergence Opportunities Fund
Investment Objective
The investment objective of the Convergence Opportunities Fund (the “Fund” or “Opportunities Fund”) is to seek long-term capital growth.
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) None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Convergence Opportunities Fund
Convergence Opportunities Fund - Investment Class
Convergence Opportunities Fund - Institutional Class
Management Fees 1.00% 1.00%
Distribution and Service (12b-1) Fees 0.25% none
Dividends and Interest on Short Positions [1] 0.39% 0.39%
Remainder of Other Expenses [1] 0.20% 0.20%
Total Annual Fund Operating Expenses 1.84% 1.59%
Fee Waiver/Expense Reimbursement (0.09%) (0.09%)
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement [2] 1.75% 1.50%
[1] Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year.
[2] Pursuant to an operating expense limitation agreement between Convergence Investment Partners, LLC, the Fund's investment adviser (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 dividends or interest expenses on short positions, acquired fund fees and expenses, leverage and tax expenses, brokerage commissions, and extraordinary expenses) do not exceed 1.75% and 1.50% of the Fund's average daily net assets for Investment Class shares and Institutional Class shares, respectively, through at least November 29, 2016. 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.  The operating expense limitation agreement discussed in the table above is reflected only through November 29, 2016.
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Expense Example Convergence Opportunities Fund (USD $)
1 Year
3 Years
Convergence Opportunities Fund - Investment Class
178 551
Convergence Opportunities Fund - Institutional Class
153 474
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 transaction costs and potentially higher taxes, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund’s performance.
Principal Investment Strategies
The Fund seeks to achieve its investment objective by establishing long and short positions in equity securities of domestic and foreign companies.  The Fund focuses primarily on companies with small to medium market capitalizations, although the Fund may establish long and short positions in companies of any market capitalization.  The Fund generally considers companies with small and medium market capitalizations to be those companies that comprise the lower 2,500 stocks by market capitalization of the Russell 3000® Index.  The Fund will hold long (purchase) securities that the Adviser believes will outperform the market, and will sell short securities expected to underperform the market.

The Fund intends to maintain a net long exposure (the market value of long positions minus the market value of short positions) of approximately 100% of the Fund’s total assets.  Under normal market conditions, the Fund’s long positions may range from 120% to 150% of the Fund’s total assets and its short positions may range from 20% to 50% of the Fund’s total assets.  Short positions may be used either to hedge long positions or may be used speculatively to seek positive returns in instances where the Adviser believes a security’s price will decline.

In making investment decisions for the Fund, the Adviser utilizes a bottom-up approach that focuses on the individual strengths of the underlying companies and the relative and absolute attractiveness of the companies’ stocks.  Using a proprietary model, the Adviser first employs a quantitative method of analysis based on four broad categories: growth; valuation; behavioral; and risk.  The Adviser seeks to maximize return while minimizing the risk assumed by the Fund by utilizing a dynamic weighting scheme to calculate a security’s risk-adjusted return as compared to other securities, and balancing the effect a purchase or sale of a security against diversification and risk management constraints of the Fund’s portfolio.  The Adviser makes decisions to buy and sell securities according to this model.
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 are:

·  
Management Risk.  Investment strategies employed by the Adviser in selecting investments and asset allocations for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments.

·  
New Fund Risk. There can be no assurance that the Fund will grow to or maintain an economically viable size.

·  
General Market Risk.  Certain securities selected for the Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time.

·  
Equity Market Risk.  Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.

·  
Foreign Securities Risk.  Investments in foreign companies involve certain risks not generally associated with investments in the securities of U.S. companies, including changes in currency exchange rates, unstable political, social and economic conditions, a lack of adequate or accurate company information, differences in the way securities markets operate, less secure international banks or securities depositories than those in the U.S. and foreign controls on investment.  Income earned on foreign securities may be subject to foreign withholding taxes. In addition, individual international country economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, capital reinvestment, resources, self-sufficiency and balance of payments position.  These risks may be greater in emerging markets and in less developed countries.

·  
Small- and Micro-Capitalization Company Risk.  The securities of small- and micro-capitalization companies may be more volatile and less liquid than the securities of companies with larger market capitalizations.  These small-capitalization companies may not have the management experience, financial resources, product diversification and competitive strengths of larger companies, and, therefore, their securities tend to be more volatile than the securities of larger, more established companies.

·  
Medium-Capitalization Company Risk.  The medium-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies.  In particular, these mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group.  Therefore, mid-cap stocks may be more volatile than those of larger companies.

·  
Short Sales Risk.  The value of a security sold short may increase prior to the scheduled delivery date, since the Fund must pay more for the security than it has received from the purchaser in the short sale.

·  
High Portfolio Turnover Rate Risk.  The Fund may have a relatively high turnover rate compared to many mutual funds.  A high portfolio turnover rate (100% or more) has the potential to result in increased brokerage transaction costs which may lower the Fund’s returns.  Furthermore, a high portfolio turnover rate may result in the realization by the Fund, and distribution to shareholders, of a greater amount of capital gains, including short-term capital gains, than if the Fund had a low portfolio turnover rate.  Distributions to shareholders of short-term capital gains are taxed as ordinary income under federal income tax laws.  This could result in a higher tax liability and may lower an investor’s after-tax return.
Performance
When the Fund has been in operation for a full calendar year, performance information will be shown in this Prospectus.  Updated performance information will be available on the Fund’s website at www.investcip.com or by calling the Fund toll-free at 877-677-9414.
XML 12 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Convergence Core Plus Fund
Convergence Core Plus Fund
Investment Objective
The investment objective of the Convergence Core Plus Fund (the “Fund” or “Core Plus Fund”) is to seek long-term capital growth.
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) None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Convergence Core Plus Fund
Convergence Core Plus Fund - Investment Class
Convergence Core Plus Fund - Institutional Class
Management Fees 1.00% 1.00%
Distribution and Service (12b-1) Fees 0.25% none
Dividends and Interest on Short Positions 0.93% 0.93%
Remainder of Other Expenses 0.31% 0.28%
Total Annual Fund Operating Expenses 2.49% 2.21% [1]
[1] Please note that the Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets After Waiver, Expense Reimbursement and Recoupments found within the "Financial Highlights" section of this prospectus, which includes recoupment of previously waived or reimbursed expenses under the Fund's operating expense limitation agreement during the prior fiscal year.
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 Convergence Core Plus Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Convergence Core Plus Fund - Investment Class
252 776 1,326 2,826
Convergence Core Plus Fund - Institutional Class
224 961 1,185 2,544
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, the Fund’s portfolio turnover rate was 247.67% of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to achieve its investment objective by establishing long and short positions in equity securities of domestic and foreign companies.  The Fund focuses primarily on companies with medium and large market capitalizations, although the Fund may establish long and short positions in companies of any market capitalization.  The Fund will hold long (purchase) securities that the Convergence Investment Partners, LLC (the “Adviser”) believes will outperform the market, and will sell short securities expected to underperform the market.

The Fund intends to maintain a net long exposure (the market value of long positions minus the market value of short positions) of approximately 100%.  Under normal market conditions, the Fund’s long positions may range from 120% to 150% and its short positions may range from 20% to 50%.

In making investment decisions for the Fund, the Adviser utilizes a bottom-up approach that focuses on the individual strengths of the underlying companies and the relative and absolute attractiveness of the companies’ stocks.  Using a proprietary model, the Adviser first employs a quantitative method of analysis based on four broad categories: growth; valuation; behavioral; and risk.  The Adviser seeks to maximize return while minimizing the risk assumed by the Fund by utilizing a dynamic weighting scheme to calculate a security’s risk-adjusted return as compared to other securities, and balancing the effect a purchase or sale of a security against diversification and risk management constraints of the Fund’s portfolio.  The Adviser makes decisions to buy and sell securities according to this model.
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 are:

·  
Management Risk.  Investment strategies employed by the Adviser in selecting investments and asset allocations for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments.

·  
General Market Risk.  Certain securities selected for the Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time.

·  
Equity Market Risk.  Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.

·  
Foreign Securities Risk.  Investments in foreign companies involve certain risks not generally associated with investments in the securities of U.S. companies, including changes in currency exchange rates, unstable political, social and economic conditions, a lack of adequate or accurate company information, differences in the way securities markets operate, less secure international banks or securities depositories than those in the U.S. and foreign controls on investment.  Income earned on foreign securities may be subject to foreign withholding taxes.  In addition, individual international country economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, capital reinvestment, resources, self-sufficiency and balance of payments position.  These risks may be greater in emerging markets and in less developed countries.

·  
Large-Capitalization Company Risk.  Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors.  Also, large-capitalization companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

·  
Medium-Capitalization Company Risk.  Medium-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies.  In particular, these mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group.  Therefore, mid-cap stocks may be more volatile than those of larger companies.

·  
Short Sales Risk.  The value of a security sold short may increase prior to the scheduled delivery date, since the Fund must pay more for the security than it has received from the purchaser in the short sale.

·  
High Portfolio Turnover Rate Risk.  The Fund may have a relatively high turnover rate compared to many mutual funds.  A high portfolio turnover rate (100% or more) has the potential to result in increased brokerage transaction costs which may lower the Fund’s returns.  Furthermore, a high portfolio turnover rate may result in the realization by the Fund, and distribution to shareholders, of a greater amount of capital gains, including short-term capital gains, than if the Fund had a low portfolio turnover rate.  Distributions to shareholders of short-term capital gains are taxed as ordinary income under federal income tax laws.  This could result in a higher tax liability and may lower an investor’s after-tax return.
Performance
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 returns for the one-year, three-year and since inception periods compare with those of a broad measure of market performance.  Remember, the Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at www.investcip.com or by calling the Fund toll-free at 877-677-9414.
Institutional Class Shares(1) Calendar Year Returns as of December 31
Bar Chart
(1)  
The return information shown in the bar chart is for Institutional Class shares.  The Investment Class shares commenced operations on January 31, 2013.  The Investment Class shares would have substantially similar returns because the shares are invested in the same portfolio of securities and the return would differ only to the extent that the classes do not have the same expenses.
The calendar year-to-date return for the Fund’s Institutional Class shares as of December 31, 2013 was 31.28%.  During the period shown in the bar chart, the best performance for a quarter was 15.83% (for the quarter ended March 31, 2012).  The worst performance was -17.20% (for the quarter ended September 30, 2011).
Average Annual Total Returns (Periods Ended December 31, 2013)
Average Annual Returns Convergence Core Plus Fund
Label
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Convergence Core Plus Fund - Institutional Class
Institutional Class Shares Return Before Taxes 31.28% 18.73% Dec. 29, 2009
Convergence Core Plus Fund - Investment Class
Investment Class Shares Return Before Taxes 30.94% 18.43% [1] Jan. 31, 2013
After Taxes on Distributions Convergence Core Plus Fund - Institutional Class
Institutional Class Shares Return After Taxes on Distributions 29.42% 17.53%  
After Taxes on Distributions and Sale of Fund Shares Convergence Core Plus Fund - Institutional Class
Institutional Class Shares Return After Taxes on Distributions and Sale of Fund Shares 18.31% 14.69%  
Russell 3000® Index (reflects no deduction for fees, expenses or taxes)
Russell 3000® Index (reflects no deduction for fees, expenses or taxes) 33.55% 16.09% Dec. 29, 2009
[1] Investment Class shares of the Fund commenced operations on January 31, 2013. Performance shown for Investment Class shares for periods prior to its inception reflects the performance of Institutional Class shares, adjusted to reflect Investment Class expenses.
After-tax returns are shown for Institutional Class shares only and would vary for Investment Class shares.  Investment Class shares commenced operations on January 31, 2013.  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. 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 (“IRA”).
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Convergence Core Plus Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The investment objective of the Convergence Core Plus Fund (the “Fund” or “Core Plus Fund”) is to seek long-term capital growth.
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) None
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, the Fund’s portfolio turnover rate was 247.67% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 247.67%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees Please note that the Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets After Waiver, Expense Reimbursement and Recoupments found within the "Financial Highlights" section of this prospectus, which includes recoupment of previously waived or reimbursed expenses under the Fund's operating expense limitation agreement during the prior fiscal year.
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
The Fund seeks to achieve its investment objective by establishing long and short positions in equity securities of domestic and foreign companies.  The Fund focuses primarily on companies with medium and large market capitalizations, although the Fund may establish long and short positions in companies of any market capitalization.  The Fund will hold long (purchase) securities that the Convergence Investment Partners, LLC (the “Adviser”) believes will outperform the market, and will sell short securities expected to underperform the market.

The Fund intends to maintain a net long exposure (the market value of long positions minus the market value of short positions) of approximately 100%.  Under normal market conditions, the Fund’s long positions may range from 120% to 150% and its short positions may range from 20% to 50%.

In making investment decisions for the Fund, the Adviser utilizes a bottom-up approach that focuses on the individual strengths of the underlying companies and the relative and absolute attractiveness of the companies’ stocks.  Using a proprietary model, the Adviser first employs a quantitative method of analysis based on four broad categories: growth; valuation; behavioral; and risk.  The Adviser seeks to maximize return while minimizing the risk assumed by the Fund by utilizing a dynamic weighting scheme to calculate a security’s risk-adjusted return as compared to other securities, and balancing the effect a purchase or sale of a security against diversification and risk management constraints of the Fund’s portfolio.  The Adviser makes decisions to buy and sell securities according to this model.
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 are:

·  
Management Risk.  Investment strategies employed by the Adviser in selecting investments and asset allocations for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments.

·  
General Market Risk.  Certain securities selected for the Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time.

·  
Equity Market Risk.  Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.

·  
Foreign Securities Risk.  Investments in foreign companies involve certain risks not generally associated with investments in the securities of U.S. companies, including changes in currency exchange rates, unstable political, social and economic conditions, a lack of adequate or accurate company information, differences in the way securities markets operate, less secure international banks or securities depositories than those in the U.S. and foreign controls on investment.  Income earned on foreign securities may be subject to foreign withholding taxes.  In addition, individual international country economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, capital reinvestment, resources, self-sufficiency and balance of payments position.  These risks may be greater in emerging markets and in less developed countries.

·  
Large-Capitalization Company Risk.  Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors.  Also, large-capitalization companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

·  
Medium-Capitalization Company Risk.  Medium-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies.  In particular, these mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group.  Therefore, mid-cap stocks may be more volatile than those of larger companies.

·  
Short Sales Risk.  The value of a security sold short may increase prior to the scheduled delivery date, since the Fund must pay more for the security than it has received from the purchaser in the short sale.

·  
High Portfolio Turnover Rate Risk.  The Fund may have a relatively high turnover rate compared to many mutual funds.  A high portfolio turnover rate (100% or more) has the potential to result in increased brokerage transaction costs which may lower the Fund’s returns.  Furthermore, a high portfolio turnover rate may result in the realization by the Fund, and distribution to shareholders, of a greater amount of capital gains, including short-term capital gains, than if the Fund had a low portfolio turnover rate.  Distributions to shareholders of short-term capital gains are taxed as ordinary income under federal income tax laws.  This could result in a higher tax liability and may lower an investor’s after-tax return.
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
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 returns for the one-year, three-year and since inception periods compare with those of a broad measure of market performance.  Remember, the Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at www.investcip.com or by calling the Fund toll-free at 877-677-9414.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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 returns for the one-year, three-year and since inception periods compare with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 877-677-9414
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.investcip.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Remember, the Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Institutional Class Shares(1) Calendar Year Returns as of December 31
Bar Chart Footnotes [Text Block] rr_BarChartFootnotesTextBlock
(1)  
The return information shown in the bar chart is for Institutional Class shares.  The Investment Class shares commenced operations on January 31, 2013.  The Investment Class shares would have substantially similar returns because the shares are invested in the same portfolio of securities and the return would differ only to the extent that the classes do not have the same expenses.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
The calendar year-to-date return for the Fund’s Institutional Class shares as of December 31, 2013 was 31.28%.  During the period shown in the bar chart, the best performance for a quarter was 15.83% (for the quarter ended March 31, 2012).  The worst performance was -17.20% (for the quarter ended September 30, 2011).
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Dec. 31, 2013
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 31.28%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel best performance
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 15.83%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel worst performance
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (17.20%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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. 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 ("IRA").
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Institutional Class shares only and would vary for Investment Class shares.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock
After-tax returns are shown for Institutional Class shares only and would vary for Investment Class shares.  Investment Class shares commenced operations on January 31, 2013.  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. 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 (“IRA”).
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (Periods Ended December 31, 2013)
Russell 3000® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Russell 3000® Index (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 33.55%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 16.09%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Dec. 29, 2009
Convergence Core Plus Fund - Investment Class
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Dividends and Interest on Short Positions rr_Component1OtherExpensesOverAssets 0.93%
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.31%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.49%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 252
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 776
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,326
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,826
Label rr_AverageAnnualReturnLabel Investment Class Shares Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 30.94%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 18.43% [1]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jan. 31, 2013
Convergence Core Plus Fund - Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Dividends and Interest on Short Positions rr_Component1OtherExpensesOverAssets 0.93%
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.28%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.21% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 224
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 961
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,185
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 2,544
Annual Return 2010 rr_AnnualReturn2010 22.73%
Annual Return 2011 rr_AnnualReturn2011 3.83%
Annual Return 2012 rr_AnnualReturn2012 20.82%
Annual Return 2013 rr_AnnualReturn2013 31.28%
Label rr_AverageAnnualReturnLabel Institutional Class Shares Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 31.28%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 18.73%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Dec. 29, 2009
Convergence Core Plus Fund - Institutional Class | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Institutional Class Shares Return After Taxes on Distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 29.42%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 17.53%
Convergence Core Plus Fund - Institutional Class | After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Institutional Class Shares Return After Taxes on Distributions and Sale of Fund Shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 18.31%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 14.69%
[1] Investment Class shares of the Fund commenced operations on January 31, 2013. Performance shown for Investment Class shares for periods prior to its inception reflects the performance of Institutional Class shares, adjusted to reflect Investment Class expenses.
[2] Please note that the Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets After Waiver, Expense Reimbursement and Recoupments found within the "Financial Highlights" section of this prospectus, which includes recoupment of previously waived or reimbursed expenses under the Fund's operating expense limitation agreement during the prior fiscal year.
XML 15 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8
Document and Entity Information
0 Months Ended
Nov. 30, 2013
Risk/Return:  
Document Type 485BPOS
Document Period End Date Nov. 30, 2013
Registrant Name TRUST FOR PROFESSIONAL MANAGERS
Central Index Key 0001141819
Amendment Flag false
Document Creation Date Mar. 24, 2014
Document Effective Date Mar. 25, 2014
Prospectus Date Mar. 25, 2014
Convergence Core Plus Fund | Convergence Core Plus Fund - Investment Class
 
Risk/Return:  
Trading Symbol MARVX
Convergence Core Plus Fund | Convergence Core Plus Fund - Institutional Class
 
Risk/Return:  
Trading Symbol MARNX
Convergence Opportunities Fund | Convergence Opportunities Fund - Investment Class
 
Risk/Return:  
Trading Symbol CIPVX
Convergence Opportunities Fund | Convergence Opportunities Fund - Institutional Class
 
Risk/Return:  
Trading Symbol CIPOX
XML 16 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Mar. 25, 2014
XML 17 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Convergence Opportunities Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The investment objective of the Convergence Opportunities Fund (the “Fund” or “Opportunities Fund”) is to seek long-term capital growth.
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) None
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)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2016-11-29
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 transaction costs and potentially higher taxes, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund’s performance.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year.
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.  The operating expense limitation agreement discussed in the table above is reflected only through November 29, 2016.
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
The Fund seeks to achieve its investment objective by establishing long and short positions in equity securities of domestic and foreign companies.  The Fund focuses primarily on companies with small to medium market capitalizations, although the Fund may establish long and short positions in companies of any market capitalization.  The Fund generally considers companies with small and medium market capitalizations to be those companies that comprise the lower 2,500 stocks by market capitalization of the Russell 3000® Index.  The Fund will hold long (purchase) securities that the Adviser believes will outperform the market, and will sell short securities expected to underperform the market.

The Fund intends to maintain a net long exposure (the market value of long positions minus the market value of short positions) of approximately 100% of the Fund’s total assets.  Under normal market conditions, the Fund’s long positions may range from 120% to 150% of the Fund’s total assets and its short positions may range from 20% to 50% of the Fund’s total assets.  Short positions may be used either to hedge long positions or may be used speculatively to seek positive returns in instances where the Adviser believes a security’s price will decline.

In making investment decisions for the Fund, the Adviser utilizes a bottom-up approach that focuses on the individual strengths of the underlying companies and the relative and absolute attractiveness of the companies’ stocks.  Using a proprietary model, the Adviser first employs a quantitative method of analysis based on four broad categories: growth; valuation; behavioral; and risk.  The Adviser seeks to maximize return while minimizing the risk assumed by the Fund by utilizing a dynamic weighting scheme to calculate a security’s risk-adjusted return as compared to other securities, and balancing the effect a purchase or sale of a security against diversification and risk management constraints of the Fund’s portfolio.  The Adviser makes decisions to buy and sell securities according to this model.
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 are:

·  
Management Risk.  Investment strategies employed by the Adviser in selecting investments and asset allocations for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments.

·  
New Fund Risk. There can be no assurance that the Fund will grow to or maintain an economically viable size.

·  
General Market Risk.  Certain securities selected for the Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time.

·  
Equity Market Risk.  Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.

·  
Foreign Securities Risk.  Investments in foreign companies involve certain risks not generally associated with investments in the securities of U.S. companies, including changes in currency exchange rates, unstable political, social and economic conditions, a lack of adequate or accurate company information, differences in the way securities markets operate, less secure international banks or securities depositories than those in the U.S. and foreign controls on investment.  Income earned on foreign securities may be subject to foreign withholding taxes. In addition, individual international country economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, capital reinvestment, resources, self-sufficiency and balance of payments position.  These risks may be greater in emerging markets and in less developed countries.

·  
Small- and Micro-Capitalization Company Risk.  The securities of small- and micro-capitalization companies may be more volatile and less liquid than the securities of companies with larger market capitalizations.  These small-capitalization companies may not have the management experience, financial resources, product diversification and competitive strengths of larger companies, and, therefore, their securities tend to be more volatile than the securities of larger, more established companies.

·  
Medium-Capitalization Company Risk.  The medium-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies.  In particular, these mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group.  Therefore, mid-cap stocks may be more volatile than those of larger companies.

·  
Short Sales Risk.  The value of a security sold short may increase prior to the scheduled delivery date, since the Fund must pay more for the security than it has received from the purchaser in the short sale.

·  
High Portfolio Turnover Rate Risk.  The Fund may have a relatively high turnover rate compared to many mutual funds.  A high portfolio turnover rate (100% or more) has the potential to result in increased brokerage transaction costs which may lower the Fund’s returns.  Furthermore, a high portfolio turnover rate may result in the realization by the Fund, and distribution to shareholders, of a greater amount of capital gains, including short-term capital gains, than if the Fund had a low portfolio turnover rate.  Distributions to shareholders of short-term capital gains are taxed as ordinary income under federal income tax laws.  This could result in a higher tax liability and may lower an investor’s after-tax return.
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
When the Fund has been in operation for a full calendar year, performance information will be shown in this Prospectus.  Updated performance information will be available on the Fund’s website at www.investcip.com or by calling the Fund toll-free at 877-677-9414.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess When the Fund has been in operation for a full calendar year, performance information will be shown in this Prospectus.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 877-677-9414
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.investcip.com
Convergence Opportunities Fund - Investment Class
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Dividends and Interest on Short Positions rr_Component1OtherExpensesOverAssets 0.39% [1]
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.20% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.84%
Fee Waiver/Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.09%)
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement rr_NetExpensesOverAssets 1.75% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 178
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 551
Convergence Opportunities Fund - Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Dividends and Interest on Short Positions rr_Component1OtherExpensesOverAssets 0.39% [1]
Remainder of Other Expenses rr_Component2OtherExpensesOverAssets 0.20% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.59%
Fee Waiver/Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.09%)
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement rr_NetExpensesOverAssets 1.50% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 153
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 474
[1] Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year.
[2] Pursuant to an operating expense limitation agreement between Convergence Investment Partners, LLC, the Fund's investment adviser (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 dividends or interest expenses on short positions, acquired fund fees and expenses, leverage and tax expenses, brokerage commissions, and extraordinary expenses) do not exceed 1.75% and 1.50% of the Fund's average daily net assets for Investment Class shares and Institutional Class shares, respectively, through at least November 29, 2016. 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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