0000894189-13-000216.txt : 20130116 0000894189-13-000216.hdr.sgml : 20130116 20130116130533 ACCESSION NUMBER: 0000894189-13-000216 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130116 DATE AS OF CHANGE: 20130116 EFFECTIVENESS DATE: 20130116 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: 13532062 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: 1933 Act SEC FILE NUMBER: 333-62298 FILM NUMBER: 13532063 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 S000028774 Morgan Dempsey Small/Micro Cap Value Fund C000088134 Morgan Dempsey Small/Micro Cap Value Fund MITYX 485BPOS 1 mrgndmpsytpm-485b_xbrl.htm POST EFFECTIVE AMENDMENT (EXHIBIT FILING) - XBRL Unassociated Document

As filed with the Securities and Exchange Commission on January 16, 2013
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.
354
 
[X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[X]
Amendment No.
356
 
[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

As soon as practicable after this Registration Statement is declared effective.
(Approximate Date of Proposed Public Offering)

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. 354 hereby incorporates Parts A, B and C from the Fund’s PEA No. 347 on Form N-1A filed December 19, 2012.  This PEA No. 354 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 347.
 
 
 
 

 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, (the “Act”) and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post-Effective Amendment No. 354 to its Registration Statement meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Act and the Registrant has duly caused this Post-Effective Amendment No. 354 to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the County of Milwaukee and State of Wisconsin, on the 16th day of January, 2013.
 
 
 
TRUST FOR PROFESSIONAL MANAGERS
   
 
By:  /s/ John P. Buckel            
 
John P. Buckel
 
Vice President, Treasurer and Principal Accounting Officer

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 354 to its Registration Statement has been signed below on January 16, 2013, by the following persons in the capacities indicated.
 
Signature
 
Title
Joseph C. Neuberger*
Joseph C. Neuberger
 
Chairperson, President and Trustee
Dr. Michael D. Akers*
Dr. Michael D. Akers
 
Independent Trustee
Gary A. Drska*
Gary A. Drska
 
Independent Trustee
Jonas B. Siegel*
Jonas B. Siegel
 
Independent Trustee
* By: /s/ John P. Buckel                                                          
John P. Buckel
*Attorney-in-Fact pursuant to Power of Attorney
             previously filed with Registrant’s Post-Effective
             Amendment No. 289 to its Registration Statement
             on Form N-1A with the SEC on February 15, 2012,
             and is incorporated by reference.
 
 
 
 
 

 

 

EXHIBIT INDEX


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



EX-101.INS 3 ck0001141819-20120831.xml INSTANCE DOCUMENT 485BPOS 2012-08-31 0001141819 2012-12-28 TRUST FOR PROFESSIONAL MANAGERS false 2012-12-19 2012-12-28 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />the Total Annual Fund Operating Expenses or in the Example, affect the Fund's<br />performance. During the most recent fiscal year, the Fund's portfolio turnover<br />rate was 11.76% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.morgandempseyfunds.com/role/ExpenseExample_S000028774Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.morgandempseyfunds.com/role/BarChartData_S000028774Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The investment objective of the Morgan Dempsey Small/Micro Cap Value Fund <br />(the "Fund") is long-term capital appreciation.</tt> <tt>This Example is intended to help you compare the costs of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same. The fee waiver/expense reimbursement arrangement discussed <br />in the table above is reflected only through December 31, 2013.</tt> reflects no deduction for fees, expenses or taxes <tt>To achieve its investment objective, the Fund intends to invest in companies<br />with micro- and small-size market capitalizations ("micro-cap" and "small-cap"<br />companies). The Fund currently defines micro-cap companies as companies with<br />market capitalizations between $30 million and $500 million and small-cap<br />companies as companies with market capitalizations between $500 million and $3<br />billion. Under normal market conditions, at least 80% of the Fund's net assets,<br />plus the amount of any borrowings for investment purposes, will be invested in<br />common stocks and other equity securities of micro-cap and small-cap companies. <br />In addition to common stocks, equity securities may also include preferred <br />stocks, convertible debt securities, derivative securities, swaps and synthetic <br />instruments, and other investment companies and exchange-traded funds ("ETFs") <br />that invest in equity securities of micro-cap and small-cap companies. The Fund <br />may also sell shares of equity securities or ETFs short for hedging purposes.<br /> <br />The Adviser uses disciplined, fundamental, bottom-up research to select<br />investments for the Fund's portfolio from the universe of small-cap and<br />micro-cap companies. The Adviser seeks to identify companies that trade at<br />significant discounts to what the Adviser believes to be their intrinsic value,<br />and that possess a material catalyst that may trigger a long-term, sustainable<br />growth in value. In addition to favorable valuations at the time of purchase,<br />companies in which the Fund will invest will have strong balance sheets with<br />liquidity and solvency characteristics that provide a margin of safety. The <br />Fund invests in companies with increasing intrinsic values, which allow the <br />Fund's holdings to grow and build value over long periods of time.</tt> Morgan Dempsey Small/Micro Cap Value Fund Please note that the Total Annual Fund Operating Expenses in the table above do not correlate to the Ratio of Expenses to Average Net Assets found within the "Financial Highlights" section of this prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses which are less than 0.01% of the Fund's average net assets. Example After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the effect 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, in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund. Principal Risks Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions, your costs would be: In certain cases, the figure representing "Return After Taxes and Distributions and Sale of Fund Shares" may be higher than the other return figures for the same period. 0.1176 The after-tax returns shown are not relevant to those investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). Calendar Year Returns as of December 31 Performance <tt>After-tax returns depend on an investor's tax situation and may differ from<br />those shown. After-tax returns are calculated using the historical highest<br />individual federal marginal income tax rates in effect and do not reflect the<br />effect of state and local taxes. The after-tax returns shown are not relevant <br />to those investors who hold their shares through tax-deferred arrangements such <br />as 401(k) plans or individual retirement accounts ("IRAs"). In certain cases, <br />the figure representing "Return After Taxes and Distributions and Sale of Fund<br />Shares" may be higher than the other return figures for the same period. A<br />higher after-tax return results when a capital loss occurs upon redemption and<br />provides an annual tax deduction that benefits the investor.</tt> The performance information demonstrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns compare with those of a broad measure of market performance. <tt>The Fund's calendar year-to-date return as of September 30, 2012 was<br />6.62%. During the period shown in the bar chart, the best performance for <br />a quarter was 13.92% (for the quarter ended December 31, 2011). The worst<br />performance was -17.30% (for the quarter ended September 30, 2011).</tt> 877-642-7227 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns (for the Periods Ended December 31, 2011) Portfolio Turnover <tt>Before investing in the Fund, you should carefully consider your own investment<br />goals, the amount of time you are willing to leave your money invested, and the<br />amount of risk you are willing to take. Remember, in addition to possibly not<br />achieving your investment goals, you could lose money by investing in the<br />Fund. The principal risks of investing in the Fund are:<br /> <br />&#xB7;&#xA0;&#xA0;Management Risk. The risk that investment strategies employed by the Adviser&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;in selecting investments and asset allocations for the Fund may not result in <br />&#xA0;&#xA0;&#xA0;an increase in the value of your investment or in overall performance equal to<br />&#xA0;&#xA0;&#xA0;other investments. <br /> <br />&#xB7;&#xA0;&#xA0;General Market Risk. The risk that certain securities selected for the Fund's <br />&#xA0;&#xA0;&#xA0;portfolio may be worth less than the price originally paid for them, or less&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;than they were worth at an earlier time.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xB7;&#xA0;&#xA0;Equity Market Risk. Common stocks are susceptible to general stock market&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;fluctuations and to volatile increases and decreases in value as market&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;confidence in and perceptions of their issuers change. Preferred stock is&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;subject to the risk that the dividend on the stock may be changed or omitted&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;by the issuer, and that participation in the growth of an issuer may be&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;limited.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xB7;&#xA0;&#xA0;Small- and Micro-Cap Company Risk. The risk that the securities of small-cap&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;and micro-cap companies may be more volatile and less liquid than the securities <br />&#xA0;&#xA0;&#xA0;of companies with larger market capitalizations. These small- and micro-cap <br />&#xA0;&#xA0;&#xA0;companies may not have the management experience, financial resources, product <br />&#xA0;&#xA0;&#xA0;diversification and competitive strengths of large- or mid-cap companies and, <br />&#xA0;&#xA0;&#xA0;therefore, their securities tend to be more volatile than the securities of <br />&#xA0;&#xA0;&#xA0;larger, more established companies.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xB7;&#xA0;&#xA0;Value Stock Risk. Value stocks may perform differently from the market as a&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;whole and may continue to be undervalued by the market for long periods of&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;time.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xB7;&#xA0;&#xA0;Convertible Securities Risk. A convertible security is a fixed-income security<br />&#xA0;&#xA0;&#xA0;(a debt instrument or a preferred stock) which may be converted at a stated&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;price within a specified period of time into a certain quantity of the common <br />&#xA0;&#xA0;&#xA0;stock of the same or a different issuer. The market value of a convertible&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;security performs like that of a regular debt security, that is, if market&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;interest rates rise, the value of the convertible security falls.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xB7;&#xA0;&#xA0;Shares of Other Investment Companies Risk. The risk that you will indirectly&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;bear fees and expenses charged by the underlying funds in addition to the&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;Fund's direct fees and expenses and, as a result, your cost of investing in&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;the Fund will generally be higher than the cost of investing directly in the&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;underlying fund shares.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xB7;&#xA0;&#xA0;Exchange-Traded Fund Risk. Unlike mutual funds, ETFs do not necessarily trade <br />&#xA0;&#xA0;&#xA0;at the net asset values of their underlying securities, which means an ETF&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;could potentially trade above or below the value of its underlying portfolio <br />&#xA0;&#xA0;&#xA0;Additionally, because ETFs trade like stocks on exchanges, they are subject <br />&#xA0;&#xA0;&#xA0;to trading and commission costs, unlike open-end investment companies.<br /> <br />&#xB7;&#xA0;&#xA0;Derivative Securities Risk. The risk that the Fund's use of derivatives will&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;cause losses due to the unexpected effect of market movements on a&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;derivative's price, or because the derivatives do not perform as anticipated, <br />&#xA0;&#xA0;&#xA0;or are not correlated with the performance of other investments which they are<br />&#xA0;&#xA0;&#xA0;used to hedge or if the Fund is unable to liquidate a position because of an&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;illiquid secondary market.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xB7;&#xA0;&#xA0;Swap Agreement Risk. Swap agreements may not be assigned without the consent&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;of the counter-party, and may experience losses in the event of a default or&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;bankruptcy of the counter-party.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br /> <br />&#xB7;&#xA0;&#xA0;Synthetic Instruments Risk. Fluctuations in the values of synthetic&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;instruments may not correlate perfectly with the overall securities markets.&#xA0;&#xA0;<br /> <br />&#xB7;&#xA0;&#xA0;Short Sale Risk. Short selling of securities may result in the Fund's&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;investment performance suffering if it is required to close out a short&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />&#xA0;&#xA0;&#xA0;position earlier than it had intended.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.morgandempseyfunds.com <tt>The performance information demonstrates the risks of investing in the Fund by<br />showing changes in the Fund's performance from year to year and by showing how<br />the Fund's average annual returns compare with those of a broad measure of<br />market performance. Remember, the Fund's past performance, before and after<br />taxes, is not necessarily an indication of how the Fund will perform in the<br />future. Updated performance information is available on the Fund's website at<br />www.morgandempseyfunds.com or by calling the Fund toll-free at 877-642-7227.<br /> </tt> <tt>This table describes the fees and expenses that you may pay if you buy and <br />hold shares of the Fund.</tt> <div style="display:none">~ http://www.morgandempseyfunds.com/role/OperatingExpensesData_S000028774Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.morgandempseyfunds.com/role/PerformanceTableData_S000028774Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.morgandempseyfunds.com/role/ShareholderFeesData_S000028774Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes) -0.0550 -0.0550 2010-12-31 Return After Taxes on Distributions and Sale of Fund Shares -0.0089 -0.0089 2010-12-31 Return After Taxes on Distributions -0.0152 -0.0152 2010-12-31 MITYX worst performance best performance 2012-09-30 Return Before Taxes 132 2011-12-31 1500 -0.1730 -0.0646 6445 -0.0200 3013 0.1392 -0.0146 0.0666 0.0110 2013-12-31 2011-09-30 year-to-date return -0.0146 0.0130 0.0776 -0.0146 2010-12-31 0.0662 0001141819 ck0001141819:SummaryS000028774Memberck0001141819:S000028774Memberck0001141819:C000088134Member 2012-12-28 2012-12-28 0001141819 ck0001141819:SummaryS000028774Memberck0001141819:S000028774Memberrr:AfterTaxesOnDistributionsMemberck0001141819:C000088134Member 2012-12-28 2012-12-28 0001141819 ck0001141819:SummaryS000028774Memberck0001141819:S000028774Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0001141819:C000088134Member 2012-12-28 2012-12-28 0001141819 ck0001141819:SummaryS000028774Memberck0001141819:S000028774Memberck0001141819:RRINDEX00001Member 2012-12-28 2012-12-28 0001141819 ck0001141819:SummaryS000028774Memberck0001141819:S000028774Member 2012-12-28 2012-12-28 0001141819 2012-12-28 2012-12-28 pure iso4217:USD Please note that the Total Annual Fund Operating Expenses in the table above do not correlate to the Ratio of Expenses to Average Net Assets found within the "Financial Highlights" section of this prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses which are less than 0.01% of the Fund's average net assets. Pursuant to an operating expense limitation agreement between the Fund's investment adviser, Morgan Dempsey Capital Management, 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 any front-end or contingent deferred loads, taxes, leverage, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividends or interest expenses on short positions, acquired fund fees and expenses or extraordinary expenses such as litigation) do not exceed 1.30% of the Fund's average annual net assets, through December 31, 2013, subject to annual re-approval by the Trust's Board of Trustees (the "Board of Trustees"). The operating expense limitation agreement can be terminated only by, or with the consent of, 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 applicable limitation on the Fund's expenses. 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Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Dec. 28, 2012
Morgan Dempsey Small/Micro Cap Value Fund (Prospectus Summary) | Morgan Dempsey Small/Micro Cap Value Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Morgan Dempsey Small/Micro Cap Value Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The investment objective of the Morgan Dempsey Small/Micro Cap Value Fund
(the "Fund") is long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and
hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
the 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 11.76% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 11.76%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees Please note that the Total Annual Fund Operating Expenses in the table above do not correlate to the Ratio of Expenses to Average Net Assets found within the "Financial Highlights" section of this prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses which are less than 0.01% of the Fund's average net assets.
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 fee waiver/expense reimbursement arrangement discussed
in the table above is reflected only through December 31, 2013.
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 To achieve its investment objective, the Fund intends to invest in companies
with micro- and small-size market capitalizations ("micro-cap" and "small-cap"
companies). The Fund currently defines micro-cap companies as companies with
market capitalizations between $30 million and $500 million and small-cap
companies as companies with market capitalizations between $500 million and $3
billion. Under normal market conditions, at least 80% of the Fund's net assets,
plus the amount of any borrowings for investment purposes, will be invested in
common stocks and other equity securities of micro-cap and small-cap companies.
In addition to common stocks, equity securities may also include preferred
stocks, convertible debt securities, derivative securities, swaps and synthetic
instruments, and other investment companies and exchange-traded funds ("ETFs")
that invest in equity securities of micro-cap and small-cap companies. The Fund
may also sell shares of equity securities or ETFs short for hedging purposes.

The Adviser uses disciplined, fundamental, bottom-up research to select
investments for the Fund's portfolio from the universe of small-cap and
micro-cap companies. The Adviser seeks to identify companies that trade at
significant discounts to what the Adviser believes to be their intrinsic value,
and that possess a material catalyst that may trigger a long-term, sustainable
growth in value. In addition to favorable valuations at the time of purchase,
companies in which the Fund will invest will have strong balance sheets with
liquidity and solvency characteristics that provide a margin of safety. The
Fund invests in companies with increasing intrinsic values, which allow the
Fund's holdings to grow and build value over long periods of time.
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. The risk that 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. The risk that 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. Preferred stock is     
   subject to the risk that the dividend on the stock may be changed or omitted  
   by the issuer, and that participation in the growth of an issuer may be       
   limited.                                                                      

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

·  Value Stock Risk. Value stocks may perform differently from the market as a   
   whole and may continue to be undervalued by the market for long periods of    
   time.                                                 

·  Convertible Securities Risk. A convertible security is a fixed-income security
   (a debt instrument or a preferred stock) which may be converted at a stated   
   price within a specified period of time into a certain quantity of the common
   stock of the same or a different issuer. The market value of a convertible    
   security performs like that of a regular debt security, that is, if market    
   interest rates rise, the value of the convertible security falls.             

·  Shares of Other Investment Companies Risk. The risk that you will indirectly  
   bear fees and expenses charged by the underlying funds in addition to the     
   Fund's direct fees and expenses and, as a result, your cost of investing in   
   the Fund will generally be higher than the cost of investing directly in the  
   underlying fund shares.                                                       

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

·  Derivative Securities Risk. The risk that the Fund's use of derivatives will  
   cause losses due to the unexpected effect of market movements on a            
   derivative's price, or because the derivatives do not perform as anticipated,
   or are not correlated with the performance of other investments which they are
   used to hedge or if the Fund is unable to liquidate a position because of an  
   illiquid secondary market.                                                    

·  Swap Agreement Risk. Swap agreements may not be assigned without the consent  
   of the counter-party, and may experience losses in the event of a default or  
   bankruptcy of the counter-party.                                              

·  Synthetic Instruments Risk. Fluctuations in the values of synthetic           
   instruments may not correlate perfectly with the overall securities markets.  

·  Short Sale Risk. Short selling of securities may result in the Fund's         
   investment performance suffering if it is required to close out a short       
   position earlier than it had intended.
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 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.morgandempseyfunds.com or by calling the Fund toll-free at 877-642-7227.
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 compare with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 877-642-7227
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.morgandempseyfunds.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 Calendar Year Returns as of December 31
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The Fund's calendar year-to-date return as of September 30, 2012 was
6.62%. During the period shown in the bar chart, the best performance for
a quarter was 13.92% (for the quarter ended December 31, 2011). The worst
performance was -17.30% (for the quarter ended September 30, 2011).
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 historical highest individual federal marginal income tax rates in effect and do not reflect the effect of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred The after-tax returns shown are not relevant to those investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs").
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In certain cases, the figure representing "Return After Taxes and Distributions and Sale of Fund Shares" may be higher than the other return figures for the same period.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock After-tax returns depend on an investor's tax situation and may differ from
those shown. After-tax returns are calculated using the historical highest
individual federal marginal income tax rates in effect and do not reflect the
effect of state and local taxes. The after-tax returns shown are not relevant
to those investors who hold their shares through tax-deferred arrangements such
as 401(k) plans or individual retirement accounts ("IRAs"). In certain cases,
the figure representing "Return After Taxes and Distributions and Sale of Fund
Shares" may be higher than the other return figures for the same period. A
higher after-tax return results when a capital loss occurs upon redemption and
provides an annual tax deduction that benefits the investor.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (for the Periods Ended December 31, 2011)
Morgan Dempsey Small/Micro Cap Value Fund (Prospectus Summary) | Morgan Dempsey Small/Micro Cap Value Fund | Russell 2000® Value Index
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes)
1 Year rr_AverageAnnualReturnYear01 (5.50%)
Since Inception rr_AverageAnnualReturnSinceInception (5.50%)
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2010
Morgan Dempsey Small/Micro Cap Value Fund (Prospectus Summary) | Morgan Dempsey Small/Micro Cap Value Fund | Morgan Dempsey Small/Micro Cap Value Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Redemption Fee (as a percentage of proceeds on shares redeemed within 90 days of purchase) rr_RedemptionFeeOverRedemption (2.00%)
Management Fees rr_ManagementFeesOverAssets 1.10%
Other Expenses rr_OtherExpensesOverAssets 6.66%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 7.76% [1]
Fee Waiver/Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (6.46%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.30% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-12-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 132
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,500
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 3,013
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 6,445
Annual Return 2011 rr_AnnualReturn2011 (1.46%)
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 6.62%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel best performance
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 13.92%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel worst performance
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (17.30%)
Label rr_AverageAnnualReturnLabel Return Before Taxes
1 Year rr_AverageAnnualReturnYear01 (1.46%)
Since Inception rr_AverageAnnualReturnSinceInception (1.46%)
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2010
Morgan Dempsey Small/Micro Cap Value Fund (Prospectus Summary) | Morgan Dempsey Small/Micro Cap Value Fund | Morgan Dempsey Small/Micro Cap Value Fund | After Taxes on Distributions
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
1 Year rr_AverageAnnualReturnYear01 (1.52%)
Since Inception rr_AverageAnnualReturnSinceInception (1.52%)
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2010
Morgan Dempsey Small/Micro Cap Value Fund (Prospectus Summary) | Morgan Dempsey Small/Micro Cap Value Fund | Morgan Dempsey Small/Micro Cap Value Fund | After Taxes on Distributions and Sales
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
1 Year rr_AverageAnnualReturnYear01 (0.89%)
Since Inception rr_AverageAnnualReturnSinceInception (0.89%)
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2010
[1] Please note that the Total Annual Fund Operating Expenses in the table above do not correlate to the Ratio of Expenses to Average Net Assets found within the "Financial Highlights" section of this prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses which are less than 0.01% of the Fund's average net assets.
[2] Pursuant to an operating expense limitation agreement between the Fund's investment adviser, Morgan Dempsey Capital Management, 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 any front-end or contingent deferred loads, taxes, leverage, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividends or interest expenses on short positions, acquired fund fees and expenses or extraordinary expenses such as litigation) do not exceed 1.30% of the Fund's average annual net assets, through December 31, 2013, subject to annual re-approval by the Trust's Board of Trustees (the "Board of Trustees"). The operating expense limitation agreement can be terminated only by, or with the consent of, 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 applicable limitation on the Fund's expenses.

XML 12 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Morgan Dempsey Small/Micro Cap Value Fund (Prospectus Summary) | Morgan Dempsey Small/Micro Cap Value Fund
Morgan Dempsey Small/Micro Cap Value Fund
Investment Objective
The investment objective of the Morgan Dempsey Small/Micro Cap Value Fund
(the "Fund") is long-term capital appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and
hold shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
Morgan Dempsey Small/Micro Cap Value Fund
Redemption Fee (as a percentage of proceeds on shares redeemed within 90 days of purchase) 2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Morgan Dempsey Small/Micro Cap Value Fund
Management Fees 1.10%
Other Expenses 6.66%
Total Annual Fund Operating Expenses [1] 7.76%
Fee Waiver/Expense Reimbursement [2] (6.46%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [2] 1.30%
[1] Please note that the Total Annual Fund Operating Expenses in the table above do not correlate to the Ratio of Expenses to Average Net Assets found within the "Financial Highlights" section of this prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses which are less than 0.01% of the Fund's average net assets.
[2] Pursuant to an operating expense limitation agreement between the Fund's investment adviser, Morgan Dempsey Capital Management, 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 any front-end or contingent deferred loads, taxes, leverage, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividends or interest expenses on short positions, acquired fund fees and expenses or extraordinary expenses such as litigation) do not exceed 1.30% of the Fund's average annual net assets, through December 31, 2013, subject to annual re-approval by the Trust's Board of Trustees (the "Board of Trustees"). The operating expense limitation agreement can be terminated only by, or with the consent of, 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 applicable limitation on the Fund's expenses.
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 fee waiver/expense reimbursement arrangement discussed
in the table above is reflected only through December 31, 2013.
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Expense Example (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Morgan Dempsey Small/Micro Cap Value Fund
132 1,500 3,013 6,445
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 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 11.76% of the average value of its portfolio.
Principal Investment Strategies
To achieve its investment objective, the Fund intends to invest in companies
with micro- and small-size market capitalizations ("micro-cap" and "small-cap"
companies). The Fund currently defines micro-cap companies as companies with
market capitalizations between $30 million and $500 million and small-cap
companies as companies with market capitalizations between $500 million and $3
billion. Under normal market conditions, at least 80% of the Fund's net assets,
plus the amount of any borrowings for investment purposes, will be invested in
common stocks and other equity securities of micro-cap and small-cap companies.
In addition to common stocks, equity securities may also include preferred
stocks, convertible debt securities, derivative securities, swaps and synthetic
instruments, and other investment companies and exchange-traded funds ("ETFs")
that invest in equity securities of micro-cap and small-cap companies. The Fund
may also sell shares of equity securities or ETFs short for hedging purposes.

The Adviser uses disciplined, fundamental, bottom-up research to select
investments for the Fund's portfolio from the universe of small-cap and
micro-cap companies. The Adviser seeks to identify companies that trade at
significant discounts to what the Adviser believes to be their intrinsic value,
and that possess a material catalyst that may trigger a long-term, sustainable
growth in value. In addition to favorable valuations at the time of purchase,
companies in which the Fund will invest will have strong balance sheets with
liquidity and solvency characteristics that provide a margin of safety. The
Fund invests in companies with increasing intrinsic values, which allow the
Fund's holdings to grow and build value over long periods of time.
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. The risk that 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. The risk that 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. Preferred stock is     
   subject to the risk that the dividend on the stock may be changed or omitted  
   by the issuer, and that participation in the growth of an issuer may be       
   limited.                                                                      

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

·  Value Stock Risk. Value stocks may perform differently from the market as a   
   whole and may continue to be undervalued by the market for long periods of    
   time.                                                 

·  Convertible Securities Risk. A convertible security is a fixed-income security
   (a debt instrument or a preferred stock) which may be converted at a stated   
   price within a specified period of time into a certain quantity of the common
   stock of the same or a different issuer. The market value of a convertible    
   security performs like that of a regular debt security, that is, if market    
   interest rates rise, the value of the convertible security falls.             

·  Shares of Other Investment Companies Risk. The risk that you will indirectly  
   bear fees and expenses charged by the underlying funds in addition to the     
   Fund's direct fees and expenses and, as a result, your cost of investing in   
   the Fund will generally be higher than the cost of investing directly in the  
   underlying fund shares.                                                       

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

·  Derivative Securities Risk. The risk that the Fund's use of derivatives will  
   cause losses due to the unexpected effect of market movements on a            
   derivative's price, or because the derivatives do not perform as anticipated,
   or are not correlated with the performance of other investments which they are
   used to hedge or if the Fund is unable to liquidate a position because of an  
   illiquid secondary market.                                                    

·  Swap Agreement Risk. Swap agreements may not be assigned without the consent  
   of the counter-party, and may experience losses in the event of a default or  
   bankruptcy of the counter-party.                                              

·  Synthetic Instruments Risk. Fluctuations in the values of synthetic           
   instruments may not correlate perfectly with the overall securities markets.  

·  Short Sale Risk. Short selling of securities may result in the Fund's         
   investment performance suffering if it is required to close out a short       
   position earlier than it had intended.
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 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.morgandempseyfunds.com or by calling the Fund toll-free at 877-642-7227.
Calendar Year Returns as of December 31
Bar Chart
The Fund's calendar year-to-date return as of September 30, 2012 was
6.62%. During the period shown in the bar chart, the best performance for
a quarter was 13.92% (for the quarter ended December 31, 2011). The worst
performance was -17.30% (for the quarter ended September 30, 2011).
Average Annual Total Returns (for the Periods Ended December 31, 2011)
Average Annual Total Returns
Label
1 Year
Since Inception
Inception Date
Morgan Dempsey Small/Micro Cap Value Fund
Return Before Taxes (1.46%) (1.46%) Dec. 31, 2010
Morgan Dempsey Small/Micro Cap Value Fund After Taxes on Distributions
Return After Taxes on Distributions (1.52%) (1.52%) Dec. 31, 2010
Morgan Dempsey Small/Micro Cap Value Fund After Taxes on Distributions and Sales
Return After Taxes on Distributions and Sale of Fund Shares (0.89%) (0.89%) Dec. 31, 2010
Morgan Dempsey Small/Micro Cap Value Fund Russell 2000® Value Index
Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes) (5.50%) (5.50%) Dec. 31, 2010
After-tax returns depend on an investor's tax situation and may differ from
those shown. After-tax returns are calculated using the historical highest
individual federal marginal income tax rates in effect and do not reflect the
effect of state and local taxes. The after-tax returns shown are not relevant
to those investors who hold their shares through tax-deferred arrangements such
as 401(k) plans or individual retirement accounts ("IRAs"). In certain cases,
the figure representing "Return After Taxes and Distributions and Sale of Fund
Shares" may be higher than the other return figures for the same period. A
higher after-tax return results when a capital loss occurs upon redemption and
provides an annual tax deduction that benefits the investor.
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All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. 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'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
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XML 15 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Aug. 31, 2012
Registrant Name dei_EntityRegistrantName TRUST FOR PROFESSIONAL MANAGERS
Central Index Key dei_EntityCentralIndexKey 0001141819
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Dec. 19, 2012
Document Effective Date dei_DocumentEffectiveDate Dec. 28, 2012
Morgan Dempsey Small/Micro Cap Value Fund (Prospectus Summary) | Morgan Dempsey Small/Micro Cap Value Fund | Morgan Dempsey Small/Micro Cap Value Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol MITYX
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