TRUST FOR PROFESSIONAL MANAGERS
2011-03-23
2011-03-30
2010-11-30
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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) None
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 return.
0.9286
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.
Thunderstorm Value Fund Calendar Year Returns as of December 31
Performance.
<pre>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.
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 return.</pre>
The bar chart demonstrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year.
<pre>The Fund's calendar year-to-date return as of February 28, 2011 was
1.82%. During the period shown in the bar chart, the best performance for a
quarter was 19.75% (for the quarter ended June 30, 2009) and the worst
performance was -20.70% (for the quarter ended December 31, 2008).</pre>
<pre>To achieve its investment objective the Fund invests in the common stocks
of U.S. and foreign companies, selecting stocks considered by the Adviser
to be undervalued. The Fund's principal valuation measures are price/earnings
ratio, price/book ratio and price/sales ratio. The Adviser will purchase stocks
it judges to be bargains based on one or more of these three measures.
The Fund's investments may include common stocks of companies of any size and
market capitalization range. At all times, the Fund expects the majority of its
assets to be invested in U.S. stocks. However, when the Adviser deems it
appropriate, the Fund may invest up to 50% of its net assets in foreign
securities, including American Depositary Receipts ("ADRs"), European Depositary
Receipts ("EDRs") and Global Depositary Receipts ("GDRs"), which are
certificates typically issued by a bank or trust company that represent one or
more shares of stock of a foreign company, or a fraction of a share, and give
their holders the right to obtain the securities issued by a foreign company
that they represent. The Fund's allocation to foreign securities may at times
include an allocation of up to 25% of the Fund's net assets to emerging markets.
The Adviser identifies stocks as candidates for investment by using an extensive
screening and research process. In addition to low valuations, the Adviser seeks
out stocks that display one or more of the following qualities:
o a strong balance sheet (exemplified by a low debt-to-equity ratio).
o a history of earnings growth exceeding industry norms.
o an attractive level of profitability (as measured by return on equity or
return on total capital).
o stock purchases and ownership by insiders.
o a business strategy that appears to be sound and innovative.
o a "catalyst" that may change investors' opinions about a stock's prospects
for the better.
The Adviser often buys stocks on bad news that it believes is real but
temporary. In the Adviser's view, taking advantage of temporary dislocations in
the market, and of investors' overreactions to transitory events, enhances the
probability of achieving significant capital gains. The Adviser sells stocks
when it believes they have become overvalued, when it judges that company or
industry conditions have changed adversely, or when it finds another stock it
judges to be a significantly better bargain. The Adviser may sometimes engage in
active trading of the Fund's portfolio investments to achieve the Fund's
investment objective.</pre>
Summary Section
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 do not include
Acquired Fund Fees and Expenses.
Average Annual Total Returns Periods Ended December 31, 2010
Portfolio Turnover.
<pre>Remember that 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. Risk that the Advisor's investment strategies 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. Risk that the value of the Fund's shares will fluctuate
based on the performance of the Fund's investments and other factors affecting
the securities markets generally.
· 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.
· Large-Cap, Mid-Cap and Small-Cap Companies 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-cap companies are sometimes unable to attain the high growth rates of
successful, smaller companies, especially during extended periods of economic
expansion. Securities of mid-cap and small-cap companies may be more volatile
and less liquid than the securities of large-cap companies.
· Foreign Securities Risk. Investing in foreign securities includes risks
relating to political, social and economic developments abroad and differences
between U.S. and foreign regulatory requirements and market practices,
including fluctuations in foreign currencies.
· Emerging Markets Risk. Countries in emerging markets are generally more
volatile and can have relatively unstable governments, social and legal
systems that do not protect shareholders, economies based on only a few
industries, and securities markets that trade a small number of issues.
· High Portfolio Turnover Rate Risk. A high portfolio turnover rate (100% or
more) has the potential to result in increased brokerage transaction costs and
the realization by the Fund, and distribution to shareholders, of a greater
amount of capital gains than if the Fund had a low portfolio turnover
rate. This may mean that you would be likely to have a higher tax
liability. Distributions to shareholders of short-term capital gains are taxed
as ordinary income under federal tax laws.</pre>
Fees and Expenses of the Fund.
Principal Investment Strategies.
www.thunderstormvalue.com
<pre>The bar chart demonstrates the risks of investing in the Fund by
showing changes in the Fund's performance from year to year. The Average Annual
Total Returns table also demonstrates these risks by showing how the Fund's
average annual returns 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.thunderstormvalue.com or by calling the Fund toll-free at 877-374-3888.</pre>
<pre>This table describes the fees and expenses that
you may pay if you buy and hold shares of the Fund.</pre>
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877-374-3888
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
<pre>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 Total 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 92.86%
of the average value of its portfolio.</pre>
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<pre>The investment objective of the Thunderstorm Value Fund
(the "Fund") is long-term capital appreciation.</pre>
<pre>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.</pre>
THUNX
0.0182
2008-12-31
-0.2070
0.1975
2012-08-31
2009-06-30
The Fund's calendar year-to-date return
worst performance
best performance
2011-02-28
0.0100
2007-12-31
-0.0130
0.1901
2912
1230
0.1901
0.0178
-0.3243
0.0100
0.2811
Return Before Taxes
151
608
0.0148
0.0278
0.0079
2007-12-31
0.1236
Return After Taxes on Distributions and Sale of Fund Shares
0.0079
2007-12-31
0.1901
Return After Taxes on Distributions
-0.0286
2007-12-31
0.1506
S&P 500 Index (reflects no deduction for fees, expenses or taxes)
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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 do not include Acquired Fund Fees and Expenses.
Pursuant to an operating expense limitation agreement between the Fund's investment adviser, Thunderstorm Mutual Funds LLC (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 taxes, leverage, interest, brokerage commissions, extraordinary expenses and Acquired Fund Fees and Expenses) do not exceed 1.48% of the Fund's average net assets through August 31, 2012. 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 limitation on the Fund's expenses.