0000894189-13-002135.txt : 20130417 0000894189-13-002135.hdr.sgml : 20130417 20130417120217 ACCESSION NUMBER: 0000894189-13-002135 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130417 DATE AS OF CHANGE: 20130417 EFFECTIVENESS DATE: 20130417 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: 13766244 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: 13766245 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 S000026998 Gerstein Fisher Multi-Factor Growth Equity Fund C000081235 Gerstein Fisher Multi-Factor Growth Equity Fund GFMGX 0001141819 S000035301 Gerstein Fisher Multi-Factor International Growth Equity Fund C000108558 Gerstein Fisher Multi-Factor International Growth Equity Fund GFIGX 0001141819 S000040211 Gerstein Fisher Multi-Factor Global Real Estate Securities Fund C000124987 Gerstein Fisher Multi-Factor Global Real Estate Securities Fund GFMRX 485BPOS 1 grstnfshrtpm-485b_xbrl.htm POST EFFECTIVE AMENDMENT (EXHIBIT FILING) - XBRL grstnfshrtpm-485b_xbrl.htm

 
As filed with the Securities and Exchange Commission on April 17, 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.
374
 
[X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[X]
Amendment No.
376
 
[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. 374 hereby incorporates Parts A, B and C from the Fund’s PEA No. 366 on Form N-1A filed March 25, 2013.  This PEA No. 374 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 366.
 
 
 
 

 
 
 
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. 374 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. 374 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 17th 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. 374 to its Registration Statement has been signed below on April 17, 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 ck0001141819-20130325.xml INSTANCE DOCUMENT 0001141819 2012-11-30 2012-11-30 0001141819 ck0001141819:S000026998_52Member ck0001141819:S000026998Member 2012-11-30 2012-11-30 0001141819 ck0001141819:S000026998_52Member ck0001141819:S000026998Member ck0001141819:C000081235Member 2012-11-30 2012-11-30 0001141819 ck0001141819:S000026998_52Member ck0001141819:S000026998Member rr:AfterTaxesOnDistributionsMember ck0001141819:C000081235Member 2012-11-30 2012-11-30 0001141819 ck0001141819:S000026998_52Member ck0001141819:S000026998Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001141819:C000081235Member 2012-11-30 2012-11-30 0001141819 ck0001141819:S000026998_52Member ck0001141819:S000026998Member ck0001141819:index__Russell_3000_Growth_Total_Return_Index_reflects_no_deduction_for_fees_expenses_or_taxes_Member 2012-11-30 2012-11-30 0001141819 ck0001141819:S000035301_106Member ck0001141819:S000035301Member 2012-11-30 2012-11-30 0001141819 ck0001141819:S000035301_106Member ck0001141819:S000035301Member ck0001141819:C000108558Member 2012-11-30 2012-11-30 0001141819 ck0001141819:S000040211_158Member ck0001141819:S000040211Member 2012-11-30 2012-11-30 0001141819 ck0001141819:S000040211_158Member ck0001141819:S000040211Member ck0001141819:C000124987Member 2012-11-30 2012-11-30 xbrli:pure iso4217:USD The Growth Equity Fund commenced operations on December 31, 2009. The Growth Equity Fund began investing in line with its investment objectives on January 15, 2010. 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, Gerstein, Fisher & Associates, 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 or interest on short positions, acquired fund fees and expenses or extraordinary expenses such as litigation) do not exceed 1.35% of the Fund's average net assets through January 27, 2015. The operating expense limitation agreement can only be terminated by, or with the consent of, the Trust's Board of Trustees (the "Board of Trustees"). The Adviser is permitted to be reimbursed for management fee reductions and/or expense payments made in the prior three fiscal years, subject to the limitation on Fund expenses. Because the Fund is new, Other Expenses are based on estimated amounts for the Fund's current fiscal year. Pursuant to an operating expense limitation agreement between the Fund's investment adviser, Gerstein, Fisher & Associates, 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 or interest on short positions, acquired fund fees and expenses or extraordinary expenses such as litigation) do not exceed 1.00% of the Fund's average net assets through March 28, 2016. The operating expense limitation agreement can only be terminated by, or with the consent of, the Trust's Board of Trustees (the "Board of Trustees"). The Adviser is permitted to recoup management fee reductions and/or expense payments made in the prior three fiscal years, subject to the limitation on Fund expenses. TRUST FOR PROFESSIONAL MANAGERS 485BPOS false 0001141819 2012-11-30 2013-03-25 2013-03-28 2013-03-28 Gerstein Fisher Multi-Factor Growth Equity Fund GFMGX Principal Investment Strategies <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">Under normal market conditions, at least 80% of the Fund&#8217;s net assets will be invested in equity securities.&#160;&#160;The Fund seeks to invest primarily in common stocks of domestic companies of any size.&#160;&#160;Equity securities may also include preferred stocks, exchange-traded funds (&#8220;ETFs&#8221;) that invest in equities, individual stock options and options on indices.&#160;&#160;At any one time, the combined value of options may be up to 5% of the Fund&#8217;s net assets.&#160;&#160;The Fund may invest up to 20% of its net assets in the securities of foreign issuers that are publicly traded in the United States or on foreign exchanges.&#160;&#160;Additionally, the Fund may also sell shares of securities short for hedging purposes.</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">Gerstein, Fisher &amp; Associates, Inc. (the &#8220;Adviser&#8221;), the Fund&#8217;s investment adviser, constructs the Fund&#8217;s portfolio using a multi-factor optimization model that examines possible combinations of stocks with the goal of finding one combination which maximizes expected return potential while managing exposure to risk.&#160;&#160;The Adviser&#8217;s model includes analysis of fundamental factors, statistical factors and macroeconomic factors, including, but not limited to size, growth, value, momentum, profitability and liquidity.&#160;&#160;The Adviser seeks to maximize returns by overweighting stocks with positive characteristics identified in the return models and underweighting stocks with negative characteristics relative to their benchmark weights.&#160;&#160;The Adviser&#8217;s investment model evaluates many different security combinations and weightings in an effort to construct the most efficient risk/return portfolio given the Fund&#8217;s benchmark.</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 Fund will purchase securities that the Adviser identifies as having the potential for long-term capital appreciation.&#160;&#160;The Fund may sell securities at any time when, in the Adviser&#8217;s judgment, circumstances warrant their sale.&#160;&#160;While this sell strategy may cause the Fund to have an annual portfolio turnover rate in excess of 100%, it also means the Adviser will sell investments when it believes there are better investment alternatives.</font> </div> Principal Risks <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">Before investing in the Fund, you should carefully consider your own investment goals, the amount of time you are willing to leave your money invested and the amount of risk you are willing to take.&#160;&#160;Remember, in addition to possibly not achieving your investment goals, <font style="DISPLAY: inline; FONT-WEIGHT: bold">you could lose money by investing in the Fund</font>.&#160;&#160;The principal risks of investing in the Fund are:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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-0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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 decrease 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-1" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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.&#160;&#160;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.</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 style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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> <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 style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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">Small-, Mid- and Micro-Cap Company Risk.&#160;&#160;</font>The securities of mid-cap, small-cap and micro-cap companies may be more volatile and less liquid than the securities of large-cap companies.</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 style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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">Foreign Securities and Currency Risk</font>.&#160;&#160;Foreign securities are subject to risks relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices, including fluctuations in foreign currencies.</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 style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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">Exchange-Traded Fund Risk.&#160;&#160;</font>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 the underlying portfolios&#160;&#160;Additionally, because ETFs trade like stocks on exchanges, they are subject to trading and commission costs, unlike open-end investment companies.</font> </div> </td> </tr> </table> <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 style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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">Short Sale Risk.&#160;&#160;</font>Short selling of securities may result in the Fund&#8217;s investment performance suffering if it is required to close out a short position earlier than it had intended.</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 style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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">Options Risk.&#160;&#160;</font>Options on securities may be subject to greater fluctuations in value than an investment in the underlying securities.</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 style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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">High Portfolio Turnover Rate Risk</font>. A high portfolio turnover rate (100% or more) has the potential to result in the realization by the Fund and distribution to shareholders of a greater amount of capital gains than if the Fund had a low portfolio turnover rate.&#160;&#160;This may mean that you would be likely to have a higher tax liability.&#160;&#160;Distributions to shareholders of short-term capital gains are taxed as ordinary income under federal income tax laws.</font> </div> </td> </tr> </table> <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 style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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">Value Stock Risk.</font>&#160;&#160;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.</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 style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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">Growth Stock Risk.&#160;&#160;</font>The prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks.</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 style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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">Momentum Risk.</font>&#160;&#160;Securities with &#8220;momentum&#8221; have recently had above-average returns and may be more volatile than a broad cross-section of securities.</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 style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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">Tax Risk</font>.&#160;&#160;Certain of the Fund&#8217;s investment strategies, including transactions in options may be subject to special tax rules, the effect of which may have adverse tax consequences for the Fund and shareholders.</font> </div> </td> </tr> </table> Remember, 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 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">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> -0.0100 0.0085 0.0031 0.0116 ~ http://usbank.com/20130325/role/ScheduleShareholderFees20001 column dei_DocumentInformationDocumentAxis compact ck0001141819_S000026998_52Member column dei_LegalEntityAxis compact ck0001141819_S000026998Member row primary compact * ~ ~ http://usbank.com/20130325/role/ScheduleAnnualFundOperatingExpenses20002 column dei_DocumentInformationDocumentAxis compact ck0001141819_S000026998_52Member column dei_LegalEntityAxis compact ck0001141819_S000026998Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) Investment Objective <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 investment objective of the Gerstein Fisher Multi-Factor Growth Equity Fund (the &#8220;Growth Equity Fund&#8221; or the &#8220;Fund&#8221;) is long-term capital appreciation.</font> </div> Example <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">This Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 118 368 638 1409 ~ http://usbank.com/20130325/role/ScheduleExpenseExampleTransposed20003 column dei_DocumentInformationDocumentAxis compact ck0001141819_S000026998_52Member column dei_LegalEntityAxis compact ck0001141819_S000026998Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Performance <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">The performance information demonstrates the risks of investing in the Growth Equity Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for the one-year, three-year and since inception periods compare with those of a broad measure of market performance.&#160;&#160;Remember, the Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</font>&#160;&#160;Updated performance information is available on the Fund&#8217;s website at www.gersteinfisherfunds.com or by calling the Fund toll-free at 800-473-1155.</font> </div> Calendar Year Returns as of December 31 0.1516 0.0169 0.1536 ~ http://usbank.com/20130325/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_DocumentInformationDocumentAxis compact ck0001141819_S000026998_52Member column dei_LegalEntityAxis compact ck0001141819_S000026998Member row primary compact * ~ best performance quarter 0.1432 2012-03-31 worst performance quarter -0.1472 2011-09-30 <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">During the period shown in the bar chart, the best performance for a quarter was 14.32% (for the quarter ended March 31, 2012).&#160;&#160;The worst performance was -14.72% (for the quarter ended September 30, 2011).</font> </div> 0.1536 0.1055 0.1055 0.1085 Return Before Taxes 0.1476 0.1026 0.1026 0.1056 Return After Taxes on Distributions 0.1078 0.0908 0.0908 0.0934 Return After Taxes on Distributions and Sale of Fund Shares 0.1521 0.1146 0.1146 0.1117 Russell 3000 Growth Total Return Index (reflects no deduction for fees, expenses or taxes) 2009-12-31 2009-12-31 2010-01-15 2010-01-15 ~ http://usbank.com/20130325/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_DocumentInformationDocumentAxis compact ck0001141819_S000026998_52Member column dei_LegalEntityAxis compact ck0001141819_S000026998Member 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 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;IRAs&#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. The performance information demonstrates the risks of investing in the Growth Equity Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the one-year, three-year and since inception periods compare with those of a broad measure of market performance. Remember, the Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. (reflects no deduction for fees, expenses or taxes) 800-473-1155 www.gersteinfisherfunds.com 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 ("IRAs"). Average Annual Total Returns Periods Ended December 31, 2012 Portfolio Turnover <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 pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may generate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;For the year ended November 30, 2012, the Fund&#8217;s portfolio turnover rate was 64.34% of the average value of its portfolio.</font> </div> 0.6434 Gerstein Fisher Multi-Factor International Growth Equity Fund GFIGX Principal Investment Strategies <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">Under normal market conditions, at least 80% of the Fund&#8217;s net assets will be invested in equity securities.&#160;&#160;The Fund seeks to invest primarily in common stocks of international companies of any size, including foreign securities and securities of U.S. companies.&#160;&#160;The Fund may invest in foreign securities which may include securities of companies in emerging markets or less developed countries.&#160;&#160;Equity securities that the Fund may invest in include common stocks, preferred stocks, exchange-traded funds (&#8220;ETFs&#8221;) that invest in equities, individual stock options and options on stock indices.&#160;&#160;The Fund&#8217;s investments in common stocks of international companies may include depositary receipts, such as American Depositary Receipts (&#8220;ADRs&#8221;) and European Depositary Receipts (&#8220;EDRs&#8221;).&#160;&#160;The Fund typically invests in securities of issuers from at least three or more non-U.S. countries, with at least 40% of the Fund&#8217;s net assets invested in foreign securities.&#160;&#160;Foreign securities are determined to be &#8220;foreign&#8221; on the basis of an issuer&#8217;s domicile or location of headquarters (as determined by the Adviser).</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 constructs the Fund&#8217;s portfolio using a multi-factor optimization model that examines possible combinations of stocks with the goal of finding one combination which maximizes expected return potential while managing exposure to risk.&#160;&#160;The Adviser&#8217;s model includes analysis of fundamental factors, statistical factors and macroeconomic factors, including, but not limited to size, value, momentum, profitability and liquidity.&#160;&#160;The Adviser seeks to maximize returns by overweighting stocks with positive characteristics identified in the return models and underweighting stocks with negative characteristics relative to their benchmark weights.&#160;&#160;The Adviser&#8217;s investment model evaluates many different security combinations and weightings in an effort to construct the most efficient risk/return portfolio given the Fund&#8217;s benchmark.</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 Fund will purchase securities that the Adviser identifies as having the potential for long-term capital appreciation.&#160;&#160;The Fund may sell securities at any time when, in the Adviser&#8217;s judgment, circumstances warrant their sale.&#160;&#160;While this sell strategy may cause the Fund to have an annual portfolio turnover rate in excess of 100%, it also means the Adviser will sell investments when it believes there are better investment alternatives.&#160;&#160;In light of this expected high level of portfolio turnover, the Adviser believes that effective management of transaction costs is essential.&#160;&#160;The Adviser seeks to balance maintaining the desired exposure to positive &#8220;momentum&#8221; and all other factors with higher transaction costs.</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">A portion of the Fund&#8217;s assets may be held in cash or cash-equivalent investments, including, but not limited to, short-term investment funds.&#160;&#160;The Fund may also invest up to 20% of its net assets in other ETFs and derivative instruments, such as financial futures contracts, options and currency-related transactions involving futures contracts and forward contracts for <font style="DISPLAY: inline">various portfolio management purposes, including, but not limited to, reducing transaction costs, increasing overall liquidity of the Fund, gaining exposure to outside markets not ordinarily available, and to mitigate risks.&#160;&#160;In general terms, a derivative instrument is one whose value depends on (or is derived from) the value of an underlying asset, interest rate or index.&#160;&#160;</font>The Fund may be appropriate for investors who want to add an investment with potential for capital appreciation to diversify their investment portfolio.&#160;&#160;The Fund is not appropriate for investors concerned primarily with principal stability or those pursuing a short-term goal.</font> </div> Principal Risks <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">Before investing in the Fund, you should carefully consider your own investment goals, the amount of time you are willing to leave your money invested and the amount of risk you are willing to take.&#160;&#160;Remember, in addition to possibly not achieving your investment goals, <font style="DISPLAY: inline; FONT-WEIGHT: bold">you could lose money by investing in the Fund</font>.&#160;&#160;The principal risks of investing in the Fund are:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-17" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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-18" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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 decrease 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-19" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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.&#160;&#160;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.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-20" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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> <br/><table cellpadding="0" cellspacing="0" id="list-21" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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">Small-, Mid- and Micro-Cap Company Risk.&#160;&#160;</font>The securities of mid-cap, small-cap and micro-cap companies may be more volatile and less liquid than the securities of large-cap companies.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-22" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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">Foreign Securities, Foreign Currency and Emerging Markets Risk</font>.&#160;&#160;Foreign securities are subject to risks relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices, including fluctuations in foreign currencies.&#160;&#160;In addition, the Fund may invest in emerging markets which may be more volatile than the markets of developed countries.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-23" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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">Exchange-Traded Fund Risk.&#160;&#160;</font>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 the underlying portfolios&#160;&#160;Additionally, because ETFs trade like stocks on exchanges, they are subject to trading and commission costs, unlike open-end investment companies.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-24" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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">Options Risk.&#160;&#160;</font>Options on securities may be subject to greater fluctuations in value than an investment in the underlying securities.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-25" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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">High Portfolio Turnover Rate Risk</font>. A high portfolio turnover rate (100% or more) has the potential to result in the realization by the Fund and distribution to shareholders of a greater amount of capital gains than if the Fund had a low portfolio turnover rate.&#160;&#160;This may mean that you would be likely to have a higher tax liability.&#160;&#160;Distributions to shareholders of short-term capital gains are taxed as ordinary income under federal income tax laws.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-26" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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; 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FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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">Derivatives Risk.</font>&#160;&#160;Risks of derivatives include the possible imperfect correlation between the value of the instruments and the underlying assets; risks of default by the other party to the transaction; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the instruments may not be liquid.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-29" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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">Momentum Risk.</font>&#160;&#160;Securities with &#8220;momentum&#8221; have recently had above-average returns and may be more volatile than a broad cross-section of securities.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-30" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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">Tax Risk</font>.&#160;&#160;Certain of the Fund&#8217;s investment strategies, including transactions in options and futures contracts, may be subject to special tax rules, the effect of which may have adverse tax consequences for the Fund and shareholders.</font> </div> </td> </tr> </table> Remember, 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 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">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> -0.0100 0.0085 0.0053 0.0138 -0.0003 0.0135 ~ http://usbank.com/20130325/role/ScheduleShareholderFees20008 column dei_DocumentInformationDocumentAxis compact ck0001141819_S000035301_106Member column dei_LegalEntityAxis compact ck0001141819_S000035301Member row primary compact * ~ ~ http://usbank.com/20130325/role/ScheduleAnnualFundOperatingExpenses20009 column dei_DocumentInformationDocumentAxis compact ck0001141819_S000035301_106Member column dei_LegalEntityAxis compact ck0001141819_S000035301Member row primary compact * ~ 2015-01-27 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) Investment Objective <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 investment objective of the Gerstein Fisher Multi-Factor International Growth Equity Fund (the &#8220;International Growth Equity Fund&#8221; or the &#8220;Fund&#8221;) is long-term capital appreciation.</font> </div> Example <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">This Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (taking into account the expense limitation for one year).&#160;&#160;The fee waiver/expense reimbursement arrangement discussed in the table above is reflected only through January 27, 2015.</font></div> 137 430 749 1652 ~ http://usbank.com/20130325/role/ScheduleExpenseExampleTransposed20010 column dei_DocumentInformationDocumentAxis compact ck0001141819_S000035301_106Member column dei_LegalEntityAxis compact ck0001141819_S000035301Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Performance <div style="TEXT-INDENT: 0pt; 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FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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">New Fund Risk.</font>&#160;&#160;There can be no assurance that the Fund will grow to or maintain an economically viable size.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-35" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; 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FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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.&#160;&#160;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.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-40" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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> <br/><table cellpadding="0" cellspacing="0" id="list-41" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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">Small-, Mid- and Micro-Cap Company Risk.&#160;&#160;</font>The securities of mid-cap, small-cap and micro-cap companies may be more volatile and less liquid than the securities of large-cap companies.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-42" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; 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A high portfolio turnover rate (100% or more) has the potential to result in the realization by the Fund and distribution to shareholders of a greater amount of capital gains than if the Fund had a low portfolio turnover rate.&#160;&#160;This result may mean that you would be likely to have a higher tax liability.&#160;&#160;Distributions to shareholders of short-term capital gains are taxed as ordinary income under federal income tax laws.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-49" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</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">Tax Risk</font>.&#160;&#160;Certain of the Fund&#8217;s investment strategies, including investments in REITs and transactions in options, may be subject to special tax rules, the effect of which may have adverse tax consequences for the Fund and shareholders.</font> </div> </td> </tr> </table> Remember, in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund. Principal Investment Strategies <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">Under normal market conditions, at least 80% of the Fund&#8217;s net assets will be invested in income-producing common stocks and other real estate securities, including real estate investment trusts (&#8220;REITs&#8221;).&#160;&#160;The Fund may invest in equity securities (such as common, convertible and preferred stock) of real estate-related companies of any market capitalization.&#160;&#160;Equity securities may also include exchange-traded funds (&#8220;ETFs&#8221;) that invest in real estate-related equities, individual stock options and options on indices.&#160;&#160;For purposes of the Fund&#8217;s investment strategies, a real estate company is a company that either (i) derives at least 50% of its revenue from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate, or (ii) has at least 50% of its assets invested in real estate.&#160;&#160;Under normal market conditions, the Fund invests in securities of issuers from at least three different countries (including the United States), with at least 40% of the Fund&#8217;s net assets invested in foreign securities.&#160;&#160;Foreign securities are determined to be &#8220;foreign&#8221; on the basis of an issuer&#8217;s domicile or location of headquarters (as determined by the Adviser).</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 Fund may sell put or call options on an index or a security with the intention of earning option premiums in order to enhance current income.&#160;&#160;The Fund may also sell shares of securities short for hedging purposes.&#160;&#160;At any one time, the combined value of options written by the Fund may be up to 5% of the Fund&#8217;s net assets.</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 Fund may invest up to 20% of its net assets in debt securities of any rating or maturity, including high yield debt securities (otherwise known as &#8220;junk bonds&#8221;), that are issued or guaranteed by real estate and other companies.</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 constructs the Fund&#8217;s portfolio using a multi-factor optimization model that examines possible combinations of stocks, REITs and other investments considered for inclusion in the Fund&#8217;s portfolio, with the goal of finding one combination which maximizes expected return potential while managing exposure to risk.&#160;&#160;The Adviser&#8217;s model includes analysis of fundamental factors, statistical factors and macroeconomic factors, including, but not limited to size, value, momentum, profitability and liquidity.&#160;&#160;The Adviser seeks to maximize returns by overweighting stocks with positive characteristics identified in the return models and underweighting stocks with negative characteristics relative to their benchmark weights.&#160;&#160;The Adviser&#8217;s investment model evaluates many different security combinations and weightings in an effort to construct the most efficient risk/return portfolio given the Fund&#8217;s benchmark.</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 Fund may sell securities at any time when, in the Adviser&#8217;s judgment, circumstances warrant their sale.&#160;&#160;While this sell strategy may cause the Fund to have an annual portfolio turnover rate in excess of 100%, it also means the Adviser will sell investments when it believes there are better investment alternatives.</font> </div> Fees and Expenses of the Fund <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">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> -0.0100 0.0065 0.0055 0.0001 0.0121 -0.0020 0.0101 ~ http://usbank.com/20130325/role/ScheduleShareholderFees20013 column dei_DocumentInformationDocumentAxis compact ck0001141819_S000040211_158Member column dei_LegalEntityAxis compact ck0001141819_S000040211Member row primary compact * ~ ~ http://usbank.com/20130325/role/ScheduleAnnualFundOperatingExpenses20014 column dei_DocumentInformationDocumentAxis compact ck0001141819_S000040211_158Member column dei_LegalEntityAxis compact ck0001141819_S000040211Member row primary compact * ~ 2016-03-28 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Because the Fund is new, Other Expenses are based on estimated amounts for the Fund's current fiscal year. Shareholder Fees (fees paid directly from your investment) Investment Objective <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 investment objective of the Gerstein Fisher Multi-Factor Global Real Estate Securities Fund (the &#8220;Global Real Estate Securities Fund&#8221; or the &#8220;Fund&#8221;) is total return (a combination of long-term capital appreciation and current income).</font> </div> Example <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">This Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.&#160;&#160;The fee waiver/expense reimbursement arrangement discussed in the table above is reflected only through March 28, 2016.</font></div> 103 322 ~ http://usbank.com/20130325/role/ScheduleExpenseExampleTransposed20015 column dei_DocumentInformationDocumentAxis compact ck0001141819_S000040211_158Member column dei_LegalEntityAxis compact ck0001141819_S000040211Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Performance <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"><a id="GENadvisor" name="GENadvisor"> <!--EFPlaceholder--></a>Performance information for the Fund has not been presented because, as of the date of this Prospectus, the Fund has not been in operation for a full calendar year.</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">When the Fund has been in operation for a full calendar year, performance information will be shown in this Prospectus.&#160;&#160;Updated performance information will be available on the Fund&#8217;s website at www.gersteinfisherfunds.com or by calling the Fund toll-free at 800-473-1155.</font> </div> Performance information for the Fund has not been presented because, as of the date of this Prospectus, the Fund has not been in operation for a full calendar year. 800-473-1155 www.gersteinfisherfunds.com Portfolio Turnover <div style="TEXT-INDENT: 0pt; 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