0000894189-13-002110.txt : 20130415 0000894189-13-002110.hdr.sgml : 20130415 20130415123131 ACCESSION NUMBER: 0000894189-13-002110 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130415 DATE AS OF CHANGE: 20130415 EFFECTIVENESS DATE: 20130415 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: 13760554 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: 13760555 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 S000020215 Smead Value Fund C000056584 Smead Value Fund Investor Class Shares SMVLX C000080576 Smead Value Fund Institutional Class Shares SMVMX 485BPOS 1 smeadtpm-485b_xbrl.htm POST EFFECTIVE AMENDMENT (EXHIBIT FILING) - XBRL Unassociated Document

 
As filed with the Securities and Exchange Commission on April 15, 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.
372
 
[X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[X]
Amendment No.
374
 
[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. 372 hereby incorporates Parts A, B and C from the Fund’s PEA No. 363 on Form N-1A filed March 15, 2013.  This PEA No. 372 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 363.
 
 
 
 

 
 
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. 372 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. 372 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 15th day of April, 2013.
 
 
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. 372 to its Registration Statement has been signed below on April 15, 2013, 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
/s/ 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. 357 to its Registration Statement
 on Form N-1A with the SEC on January 25, 2013,
 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 ck0001141819-20130315.xml INSTANCE DOCUMENT 0001141819 2012-11-30 2012-11-30 0001141819 ck0001141819:doc_Smead_Value_FundMember ck0001141819:S000020215Member 2012-11-30 2012-11-30 0001141819 ck0001141819:doc_Smead_Value_FundMember ck0001141819:S000020215Member ck0001141819:C000056584Member 2012-11-30 2012-11-30 0001141819 ck0001141819:doc_Smead_Value_FundMember ck0001141819:S000020215Member ck0001141819:C000080576Member 2012-11-30 2012-11-30 0001141819 ck0001141819:doc_Smead_Value_FundMember ck0001141819:S000020215Member rr:AfterTaxesOnDistributionsMember ck0001141819:C000056584Member 2012-11-30 2012-11-30 0001141819 ck0001141819:doc_Smead_Value_FundMember ck0001141819:S000020215Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001141819:C000056584Member 2012-11-30 2012-11-30 0001141819 ck0001141819:doc_Smead_Value_FundMember ck0001141819:S000020215Member ck0001141819:index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxes_122008Member 2012-11-30 2012-11-30 0001141819 ck0001141819:doc_Smead_Value_FundMember ck0001141819:S000020215Member ck0001141819:index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxes_12182009Member 2012-11-30 2012-11-30 0001141819 ck0001141819:doc_Smead_Value_FundMember ck0001141819:S000020215Member ck0001141819:index_Russell_1000_Value_Index_reflects_no_deduction_for_fees_expenses_or_taxes_122008Member 2012-11-30 2012-11-30 0001141819 ck0001141819:doc_Smead_Value_FundMember ck0001141819:S000020215Member ck0001141819:index_Russell_1000_Value_Index_reflects_no_deduction_for_fees_expenses_or_taxes_12182009_Member 2012-11-30 2012-11-30 xbrli: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, Smead Capital Management, Inc. (the "Adviser"), and the Fund, the Adviser has agreed to waive its management fees and/or reimburse expenses of the Fund to ensure that Total Annual Fund Operating Expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividends and interest on short positions, acquired fund fees and expenses or extraordinary expenses such as litigation) do not exceed 1.40% and 1.15% of the Fund's average annual net assets, for Investor Class shares and Institutional Class shares, respectively, through March 30, 2014. 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 applicable limitation on the Fund's expenses. TRUST FOR PROFESSIONAL MANAGERS 485BPOS false 0001141819 2012-11-30 2013-03-15 2013-03-28 2013-03-28 Smead Value Fund SMVLX SMVMX 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">Remember that 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-9" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <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 style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Management Risk</font>.&#160;&#160;The Adviser&#8217;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.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-10" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <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 style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">General Market Risk</font>.&#160;&#160;The value of the Fund&#8217;s shares will fluctuate based on the performance of the Fund&#8217;s investments and other factors affecting the securities markets generally.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-11" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <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 style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Equity Market Risk</font>.&#160;&#160;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-12" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <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 style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Large-Cap 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-cap 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> Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund. 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> 0.0075 0.0075 0.0025 0.0000 0.0050 0.0045 0.0150 0.0120 -0.0010 -0.0005 0.0140 0.0115 ~ http://usbank.com/20130315/role/ScheduleAnnualFundOperatingExpenses20001 column dei_DocumentInformationDocumentAxis compact ck0001141819_doc_Smead_Value_FundMember column dei_LegalEntityAxis compact ck0001141819_S000020215Member row primary compact * ~ 2014-03-30 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 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. Shareholder Fees (fees paid directly from your investment) None 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 and the returns of an additional index of securities with characteristics similar to those that the Fund typically holds.&#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 http://smeadcap.com/smead-funds or by calling the Fund toll-free at 877-807-4122.</font> </div> Investor Class Shares1 Calendar Year Returns as of December 31 0.3081 0.1239 0.0467 0.2783 ~ http://usbank.com/20130315/role/ScheduleAnnualTotalReturnsBarChart20003 column dei_DocumentInformationDocumentAxis compact ck0001141819_doc_Smead_Value_FundMember column dei_LegalEntityAxis compact ck0001141819_S000020215Member row primary compact * ~ best performance for a quarter 0.1866 2009-09-30 worst performance -0.1385 2010-06-30 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font> <font style="FONT-FAMILY: times new roman; FONT-SIZE: 9pt">The returns shown in the bar chart are for Investor Class shares.&#160;&#160;The Institutional Class shares would have substantially similar returns because the shares are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</font></font> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the period shown in the bar chart, the best performance for a quarter was 18.66% (for the quarter ended September 30, 2009) and the worst performance was -13.85% (for the quarter ended June 30, 2010).</font> </div> 0.2783 0.1457 0.0251 Investor Class Shares Return Before Taxes 0.2753 0.1444 0.0239 Investor Class Shares Return After Taxes on Distributions 0.1849 0.1261 0.0212 Investor Class Shares Return After Taxes on Distributions and Sale of Fund Shares 0.2809 0.1483 0.1496 Institutional Share Class Return Before Taxes 0.1600 0.1087 0.0196 S&P 500 Index 1/2/08 (reflects no deduction for fees, expenses or taxes) 0.1600 0.1087 0.1118 S&P 500 Index 12/18/09 (reflects no deduction for fees, expenses or taxes) 0.1751 0.1086 0.0087 Russell 1000 Value Index 1/2/08 (reflects no deduction for fees, expenses or taxes) 0.1751 0.1086 0.1105 Russell 1000 Value Index 12/18/09 (reflects no deduction for fees, expenses or taxes) 2009-12-18 2009-12-18 2008-01-02 2008-01-02 2008-01-02 2009-12-18 ~ http://usbank.com/20130315/role/ScheduleAverageAnnualReturnsTransposed20004 column dei_DocumentInformationDocumentAxis compact ck0001141819_doc_Smead_Value_FundMember column dei_LegalEntityAxis compact ck0001141819_S000020215Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After tax returns are shown for Investor Class shares only and will vary for Institutional Class shares.&#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> 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. Remember, the Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. http://smeadcap.com/smead-funds 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 and the returns of an additional index of securities with characteristics similar to those that the Fund typically holds. After tax returns are shown for Investor Class shares only and will vary for Institutional Class shares. (reflects no deduction for fees, expenses or taxes) 877-807-4122 Average Annual Total Returns (Periods Ended December 31, 2012) 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 Smead Value Fund (the &#8220;Fund&#8221;) is long-term capital appreciation.</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">To achieve its investment objective, the Fund will maintain approximately 25-30 companies in its portfolio and will invest in the common stocks of large capitalization (&#8220;large-cap&#8221;) U.S. companies.&#160;&#160;The Fund considers large-cap companies to be those publicly traded U.S. companies with capitalizations exceeding $5 billion.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Adviser selects the Fund&#8217;s investments by screening large-cap companies using the following eight criteria:</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Required over entire holding period</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-1" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <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 style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">products or services that meet a clear economic need;</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-2" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <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 style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">strong competitive advantage (wide moats or barriers to entry);</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-3" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <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 style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">long history of profitability and strong metrics (net profit margin, return on equity and net income ratios);</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-4" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <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 style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">generates high levels of cash flow;</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-5" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <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 style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">available at a low price in relation to intrinsic value (the perception of value based on all factors of business, tangible and intangible);</font> </div> </td> </tr> </table> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Favored, but not required</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-6" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <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 style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">management&#8217;s history of shareholder friendliness (dividends, buybacks, earnings quality, reporting transparency, executive compensation and acquisition history);</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-7" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <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 style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">strong balance sheet; and</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-8" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <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 style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">strong management (directors and officers) ownership (preferably with recent purchases).</font> </div> </td> </tr> </table> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund&#8217;s portfolio is built around high quality companies whose businesses have strong competitive advantages that the Adviser believes can be sustained for the long term.&#160;&#160;The Adviser maintains a sell discipline that is designed to manage overall portfolio risk by protecting against significant downside exposure of each security.&#160;&#160;The Fund aims to be a low-turnover fund, and the expected holding period of a newly purchased security is a minimum of three to five years.</font> </div> Example <div align="justify" style="TEXT-INDENT: 0pt; 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Smead Value Fund | Smead Value Fund
Smead Value Fund
Investment Objective.
The investment objective of the Smead 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) None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Smead Value Fund
Smead Value Fund Investor Class Shares
Smead Value Fund Institutional Class Shares
Management Fees 0.75% 0.75%
Distribution and Shareholder Servicing (12b-1) Fees 0.25% none
Other Expenses 0.50% 0.45%
Total Annual Fund Operating Expenses 1.50% 1.20%
Less: Fee Waiver/Expense Reimbursement (0.10%) (0.05%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [1][2] 1.40% 1.15%
[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, Smead Capital Management, Inc. (the "Adviser"), and the Fund, the Adviser has agreed to waive its management fees and/or reimburse expenses of the Fund to ensure that Total Annual Fund Operating Expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividends and interest on short positions, acquired fund fees and expenses or extraordinary expenses such as litigation) do not exceed 1.40% and 1.15% of the Fund's average annual net assets, for Investor Class shares and Institutional Class shares, respectively, through March 30, 2014. 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 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 March 30, 2014.
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Expense Example Smead Value Fund (USD $)
One Year
Three Years
Five Years
Ten Years
Smead Value Fund Investor Class Shares
143 461 806 1,779
Smead Value Fund Institutional Class Shares
117 374 653 1,449
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 generate 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 10.95% of the average value of its portfolio.
Principal Investment Strategies.
To achieve its investment objective, the Fund will maintain approximately 25-30 companies in its portfolio and will invest in the common stocks of large capitalization (“large-cap”) U.S. companies.  The Fund considers large-cap companies to be those publicly traded U.S. companies with capitalizations exceeding $5 billion.

The Adviser selects the Fund’s investments by screening large-cap companies using the following eight criteria:

Required over entire holding period

·  
products or services that meet a clear economic need;

·  
strong competitive advantage (wide moats or barriers to entry);

·  
long history of profitability and strong metrics (net profit margin, return on equity and net income ratios);

·  
generates high levels of cash flow;

·  
available at a low price in relation to intrinsic value (the perception of value based on all factors of business, tangible and intangible);

Favored, but not required

·  
management’s history of shareholder friendliness (dividends, buybacks, earnings quality, reporting transparency, executive compensation and acquisition history);

·  
strong balance sheet; and

·  
strong management (directors and officers) ownership (preferably with recent purchases).

The Fund’s portfolio is built around high quality companies whose businesses have strong competitive advantages that the Adviser believes can be sustained for the long term.  The Adviser maintains a sell discipline that is designed to manage overall portfolio risk by protecting against significant downside exposure of each security.  The Fund aims to be a low-turnover fund, and the expected holding period of a newly purchased security is a minimum of three to five years.
Principal Risks.
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.  The Adviser’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.  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 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-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.
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 and the returns of an additional index of securities with characteristics similar to those that the Fund typically holds.  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 http://smeadcap.com/smead-funds or by calling the Fund toll-free at 877-807-4122.
Investor Class Shares1 Calendar Year Returns as of December 31
Bar Chart
During the period shown in the bar chart, the best performance for a quarter was 18.66% (for the quarter ended September 30, 2009) and the worst performance was -13.85% (for the quarter ended June 30, 2010).
1 The returns shown in the bar chart are for Investor Class shares.  The Institutional Class shares would have substantially similar returns because the shares are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.
Average Annual Total Returns (Periods Ended December 31, 2012)
Average Annual Returns Smead Value Fund
Label
Average Annual Returns, 1 Year
Average Annual Returns, 3 Years
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Smead Value Fund Investor Class Shares
Investor Class Shares Return Before Taxes 27.83% 14.57% 2.51% Jan. 02, 2008
Smead Value Fund Institutional Class Shares
Institutional Share Class Return Before Taxes 28.09% 14.83% 14.96% Dec. 18, 2009
After Taxes on Distributions Smead Value Fund Investor Class Shares
Investor Class Shares Return After Taxes on Distributions 27.53% 14.44% 2.39%  
After Taxes on Distributions and Sales of Fund Shares Smead Value Fund Investor Class Shares
Investor Class Shares Return After Taxes on Distributions and Sale of Fund Shares 18.49% 12.61% 2.12%  
S&P 500® Index (reflects no deduction for fees, expenses or taxes) 1/2/2008
S&P 500 Index 1/2/08 (reflects no deduction for fees, expenses or taxes) 16.00% 10.87% 1.96% Jan. 02, 2008
S&P 500® Index (reflects no deduction for fees, expenses or taxes) 12/18/2009
S&P 500 Index 12/18/09 (reflects no deduction for fees, expenses or taxes) 16.00% 10.87% 11.18% Dec. 18, 2009
Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes) 1/2/2008
Russell 1000 Value Index 1/2/08 (reflects no deduction for fees, expenses or taxes) 17.51% 10.86% 0.87% Jan. 02, 2008
Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes) 12/18/2009
Russell 1000 Value Index 12/18/09 (reflects no deduction for fees, expenses or taxes) 17.51% 10.86% 11.05% Dec. 18, 2009
After tax returns are shown for Investor Class shares only and will vary for Institutional 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”).
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Smead Value Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective.
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The investment objective of the Smead 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) 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 2014-03-30
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 generate 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 10.95% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 10.95%
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 March 30, 2014.
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 will maintain approximately 25-30 companies in its portfolio and will invest in the common stocks of large capitalization (“large-cap”) U.S. companies.  The Fund considers large-cap companies to be those publicly traded U.S. companies with capitalizations exceeding $5 billion.

The Adviser selects the Fund’s investments by screening large-cap companies using the following eight criteria:

Required over entire holding period

·  
products or services that meet a clear economic need;

·  
strong competitive advantage (wide moats or barriers to entry);

·  
long history of profitability and strong metrics (net profit margin, return on equity and net income ratios);

·  
generates high levels of cash flow;

·  
available at a low price in relation to intrinsic value (the perception of value based on all factors of business, tangible and intangible);

Favored, but not required

·  
management’s history of shareholder friendliness (dividends, buybacks, earnings quality, reporting transparency, executive compensation and acquisition history);

·  
strong balance sheet; and

·  
strong management (directors and officers) ownership (preferably with recent purchases).

The Fund’s portfolio is built around high quality companies whose businesses have strong competitive advantages that the Adviser believes can be sustained for the long term.  The Adviser maintains a sell discipline that is designed to manage overall portfolio risk by protecting against significant downside exposure of each security.  The Fund aims to be a low-turnover fund, and the expected holding period of a newly purchased security is a minimum of three to five years.
Risk [Heading] rr_RiskHeading Principal Risks.
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
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.  The Adviser’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.  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 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-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.
Risk Lose Money [Text] rr_RiskLoseMoney Remember that 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 and the returns of an additional index of securities with characteristics similar to those that the Fund typically holds.  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 http://smeadcap.com/smead-funds or by calling the Fund toll-free at 877-807-4122.
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 and the returns of an additional index of securities with characteristics similar to those that the Fund typically holds.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 877-807-4122
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress http://smeadcap.com/smead-funds
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 Investor Class Shares1 Calendar Year Returns as of December 31
Bar Chart Footnotes [Text Block] rr_BarChartFootnotesTextBlock
During the period shown in the bar chart, the best performance for a quarter was 18.66% (for the quarter ended September 30, 2009) and the worst performance was -13.85% (for the quarter ended June 30, 2010).
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
1 The returns shown in the bar chart are for Investor Class shares.  The Institutional Class shares would have substantially similar returns because the shares are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel best performance for a quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 18.66%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel worst performance
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2010
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (13.85%)
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 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 Investor Class shares only and will vary for Institutional Class shares.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock
After tax returns are shown for Investor Class shares only and will vary for Institutional 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”).
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (Periods Ended December 31, 2012)
S&P 500® Index (reflects no deduction for fees, expenses or taxes) 1/2/2008
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel S&P 500 Index 1/2/08 (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 16.00%
Average Annual Returns, 3 Years ck0001141819_AverageAnnualReturnYear03 10.87%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 1.96%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jan. 02, 2008
S&P 500® Index (reflects no deduction for fees, expenses or taxes) 12/18/2009
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel S&P 500 Index 12/18/09 (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 16.00%
Average Annual Returns, 3 Years ck0001141819_AverageAnnualReturnYear03 10.87%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 11.18%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Dec. 18, 2009
Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes) 1/2/2008
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Russell 1000 Value Index 1/2/08 (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 17.51%
Average Annual Returns, 3 Years ck0001141819_AverageAnnualReturnYear03 10.86%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 0.87%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jan. 02, 2008
Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes) 12/18/2009
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Russell 1000 Value Index 12/18/09 (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 17.51%
Average Annual Returns, 3 Years ck0001141819_AverageAnnualReturnYear03 10.86%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 11.05%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Dec. 18, 2009
Smead Value Fund Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.50%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.50%
Less: Fee Waiver/Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.10%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.40% [1],[2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 143
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 461
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 806
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,779
Annual Return 2009 rr_AnnualReturn2009 30.81%
Annual Return 2010 rr_AnnualReturn2010 12.39%
Annual Return 2011 rr_AnnualReturn2011 4.67%
Annual Return 2012 rr_AnnualReturn2012 27.83%
Label rr_AverageAnnualReturnLabel Investor Class Shares Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 27.83%
Average Annual Returns, 3 Years ck0001141819_AverageAnnualReturnYear03 14.57%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 2.51%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jan. 02, 2008
Smead Value Fund Investor Class Shares | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Investor Class Shares Return After Taxes on Distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 27.53%
Average Annual Returns, 3 Years ck0001141819_AverageAnnualReturnYear03 14.44%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 2.39%
Smead Value Fund Investor Class Shares | After Taxes on Distributions and Sales of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Investor Class Shares Return After Taxes on Distributions and Sale of Fund Shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 18.49%
Average Annual Returns, 3 Years ck0001141819_AverageAnnualReturnYear03 12.61%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 2.12%
Smead Value Fund Institutional Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.45%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.20%
Less: Fee Waiver/Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.05%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.15% [1],[2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 117
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 374
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 653
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,449
Label rr_AverageAnnualReturnLabel Institutional Share Class Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 28.09%
Average Annual Returns, 3 Years ck0001141819_AverageAnnualReturnYear03 14.83%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 14.96%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Dec. 18, 2009
[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, Smead Capital Management, Inc. (the "Adviser"), and the Fund, the Adviser has agreed to waive its management fees and/or reimburse expenses of the Fund to ensure that Total Annual Fund Operating Expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividends and interest on short positions, acquired fund fees and expenses or extraordinary expenses such as litigation) do not exceed 1.40% and 1.15% of the Fund's average annual net assets, for Investor Class shares and Institutional Class shares, respectively, through March 30, 2014. 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 applicable limitation on the Fund's expenses.
XML 14 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
0 Months Ended
Nov. 30, 2012
Risk/Return:  
Document Type 485BPOS
Document Period End Date Nov. 30, 2012
Registrant Name TRUST FOR PROFESSIONAL MANAGERS
Central Index Key 0001141819
Amendment Flag false
Document Creation Date Mar. 15, 2013
Document Effective Date Mar. 28, 2013
Prospectus Date Mar. 28, 2013
Smead Value Fund | Smead Value Fund | Smead Value Fund Investor Class Shares
 
Risk/Return:  
Trading Symbol SMVLX
Smead Value Fund | Smead Value Fund | Smead Value Fund Institutional Class Shares
 
Risk/Return:  
Trading Symbol SMVMX
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