0000894189-13-003755.txt : 20130711 0000894189-13-003755.hdr.sgml : 20130711 20130711100716 ACCESSION NUMBER: 0000894189-13-003755 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130711 DATE AS OF CHANGE: 20130711 EFFECTIVENESS DATE: 20130711 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: 13963127 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: 13963128 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 S000011970 Snow Capital Opportunity Fund C000032678 Snow Capital Opportunity Fund - Class A Shares SNOAX C000032679 Snow Capital Opportunity Fund - Class C Shares SNOCX C000032680 Snow Capital Opportunity Fund - Institutional Class Shares SNOIX 0001141819 S000030269 Snow Capital Small Cap Value Fund C000093152 Snow Capital Small Cap Value Fund - Class A Shares SNWAX C000093153 Snow Capital Small Cap Value Fund - Class C Shares SNWCX C000093154 Snow Capital Small Cap Value Fund - Institutional Class Shares SNWIX 485BPOS 1 snwcptpm-485b_xbrl.htm POST EFFECTIVE AMENDMENT (EXHIBIT FILING) - XBRL Unassociated Document

 
As filed with the Securities and Exchange Commission on July 11, 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.
394
 
[X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[X]
Amendment No.
396
 
[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).
[   ]
60 days after filing pursuant to Rule 485 (a)(1).
[   ]
on (date), 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. 394 hereby incorporates Parts A, B and C from the Fund’s PEA No. 383 on Form N-1A filed June 26, 2013.  This PEA No. 394 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 383.
 
 
 
 

 
 
 
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. 394 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. 394 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Milwaukee and State of Wisconsin, on the 11th day of July, 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. 394 to its Registration Statement has been signed below on July 11, 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 ck0001141819-20130626.xml INSTANCE DOCUMENT 0001141819 2013-02-28 2013-02-28 0001141819 ck0001141819:S000030269Member 2013-02-28 2013-02-28 0001141819 ck0001141819:S000030269Member ck0001141819:C000093152Member 2013-02-28 2013-02-28 0001141819 ck0001141819:S000030269Member ck0001141819:C000093153Member 2013-02-28 2013-02-28 0001141819 ck0001141819:S000030269Member ck0001141819:C000093154Member 2013-02-28 2013-02-28 0001141819 ck0001141819:S000030269Member rr:AfterTaxesOnDistributionsMember ck0001141819:C000093154Member 2013-02-28 2013-02-28 0001141819 ck0001141819:S000030269Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001141819:C000093154Member 2013-02-28 2013-02-28 0001141819 ck0001141819:S000030269Member ck0001141819:index_Russell_2000_Value_Total_Return_IndexMember 2013-02-28 2013-02-28 0001141819 ck0001141819:S000011970Member 2013-02-28 2013-02-28 0001141819 ck0001141819:S000011970Member ck0001141819:C000032678Member 2013-02-28 2013-02-28 0001141819 ck0001141819:S000011970Member ck0001141819:C000032679Member 2013-02-28 2013-02-28 0001141819 ck0001141819:S000011970Member ck0001141819:C000032680Member 2013-02-28 2013-02-28 0001141819 ck0001141819:S000011970Member rr:AfterTaxesOnDistributionsMember ck0001141819:C000032680Member 2013-02-28 2013-02-28 0001141819 ck0001141819:S000011970Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001141819:C000032680Member 2013-02-28 2013-02-28 0001141819 ck0001141819:S000011970Member ck0001141819:index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2013-02-28 2013-02-28 xbrli:pure iso4217:USD The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 12 months of purchase. Pursuant to an operating expense limitation agreement between the Fund's investment adviser, Snow Capital Management L.P. (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 interest and tax expenses, brokerage commissions, extraordinary and non-recurring expenses, acquired fund fees and expenses and dividends and interest on short positions) for the Fund does not exceed 2.00%, 2.75% and 1.75% of the Fund's average net assets, for Class A shares, Class C shares and Institutional Class shares, respectively, through at least June 29, 2014, and subject thereafter to annual re-approval of the agreement by the Trust's Board of Trustees (the "Board of Trustees"). The operating expense limitation agreement may be terminated only by, or with the consent of, the Board of Trustees. The Adviser may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, subject to the operating expense limitation agreement. 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 the prospectus, which do not include Acquired Fund Fees and Expenses. Pursuant to an operating expense limitation agreement between the Fund's investment adviser, Snow Capital Management L.P. (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 interest and tax expenses, brokerage commissions, extraordinary and non-recurring expenses, acquired fund fees and expenses and dividends and interest on short positions) do not exceed 1.75%, 2.50%, and 1.50% of the Fund's average net assets, respectively, for Class A shares, Class C shares and Institutional Class shares, respectively, through at least June 29, 2014, and subject thereafter to annual re-approval of the agreement by the Trust's Board of Trustees (the "Board of Trustees"). The operating expense limitation agreement may be terminated only by, or with the consent of, the Board of Trustees. The Adviser may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, subject to the operating expense limitation agreement. TRUST FOR PROFESSIONAL MANAGERS 485BPOS false 0001141819 2013-02-28 2013-06-26 2013-06-28 2013-06-28 Snow Capital Small Cap Value Fund SNWAX SNWCX SNWIX Portfolio Turnover. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may 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 Total Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 89.48% of the average value of its portfolio.</font> </div> 0.8948 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, you could lose money by investing in the Small Cap Value Fund.&#160;&#160;The principal risks of investing in the Fund are:</font> </div> <br/><table cellpadding="1" 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-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#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="1" 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-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#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 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="1" 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-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#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 stocks are 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="1" 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-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#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">Convertible Securities Risk</font>.&#160;&#160;The market value of a convertible security performs like that of a regular debt security, that is, if market interest rates rise, the value of the convertible security falls.</font> </div> </td> </tr> </table> <br/><table cellpadding="1" 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-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#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">Shares of Other Investment Companies and ETFs Risk</font>.&#160;&#160;You will indirectly bear fees and expenses charged by the underlying funds in which the Fund may invest in addition to the Fund&#8217;s direct fees and expenses and, as a result, your cost of investing in the Fund will generally be higher than the cost of investing directly in the underlying fund shares.&#160;&#160;Investments in ETFs bear the risk that the market price of the ETF&#8217;s shares may trade at a discount to their net asset value (&#8220;NAV&#8221;) or that an active trading market for an ETF&#8217;s shares may not develop or be maintained.</font> </div> </td> </tr> </table> <br/><table cellpadding="1" 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-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#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-Cap Company Risk</font>.&#160;&#160;The securities of small-cap companies may be more volatile and less liquid than the securities of companies with larger market capitalizations.&#160;&#160;These small-cap companies may not have the management experience, financial resources, product diversification and competitive strengths of large- or mid-cap companies, and, therefore, their securities tend to be more volatile than the securities of larger, more established companies.</font> </div> </td> </tr> </table> <br/><table cellpadding="1" 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-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#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 Emerging Markets Risks</font>.&#160;&#160;Investing in foreign securities includes risks relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices, including fluctuations in foreign currencies.&#160;&#160;Countries in emerging markets are generally more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues.</font> </div> </td> </tr> </table> <br/><table cellpadding="1" 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-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#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">U.S. Government and U.S. Agency Obligations Risk</font>.&#160;&#160;There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) who issue or guarantee certain securities where it is not obligated to do so.</font> </div> </td> </tr> </table> Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Small Cap Value 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 Small Cap Value Fund. You may qualify for sales charge discounts on Class A shares if you or your family invest, or agree to invest in the future, at least $25,000 in the Fund.&#160;&#160;More information about these and other discounts is available from your financial professional and under &#8220;Shareholder Information &#8211; Choosing a Share Class &#8211; Sales Charge on Class A Shares&#8221; on page 19 of the Prospectus and under &#8220;Sales Charges; Sales Charge Reductions and Waivers &#8211; Sales Charge on Class A Shares&#8221; on page 43 of the Statement of Additional Information (the &#8220;SAI&#8221;).</font> </div> 0.0525 0.0000 0.0000 0.0050 0.0100 0.0000 -0.0050 -0.0050 -0.0050 0.0125 0.0125 0.0125 0.0025 0.0100 0.0000 0.0130 0.0130 0.0130 0.0280 0.0355 0.0255 -0.0080 -0.0080 -0.0080 0.0200 0.0275 0.0175 ~ http://usb.com/20130626/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001141819_S000030269Member row primary compact * ~ ~ http://usb.com/20130626/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001141819_S000030269Member row primary compact * ~ 2014-06-29 You may qualify for sales charge discounts on Class A shares if you or your family invest, or agree to invest in the future, at least $25,000 in the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 12 months of purchase. Shareholder Fees (fees paid directly from your investment) 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">The performance information demonstrates the risks of investing in the Small Cap Value Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual total returns for one year and since inception compare with those of a broad measure of market performance.&#160;&#160;<font style="DISPLAY: inline">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.&#160;&#160;Updated performance information is available</font> on the Fund&#8217;s website at www.snowfunds.com or <font style="DISPLAY: inline">by calling</font> 877-SNOWFND (877-766-9363).</font> </div> Institutional Class Shares(1) Calendar Year Returns as of December 31 0.0087 0.2169 ~ http://usb.com/20130626/role/ScheduleAnnualTotalReturnsBarChart20005 column dei_LegalEntityAxis compact ck0001141819_S000030269Member column rr_ProspectusShareClassAxis compact ck0001141819_C000093152Member row primary compact * ~ best performance 0.1739 2011-03-31 worst performance -0.2575 2011-09-30 year to date return 0.1507 2013-03-31 <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left;" align="center"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">The Fund&#8217;s calendar year to date return as of March 31, 2013 was 15.07%.&#160;&#160;During the period shown in the bar chart, the best performance for a quarter was 17.39% (for the quarter ended March 31, 2011).&#160;&#160;The worst performance was -25.75% (for the quarter ended September 30, 2011).</font> </div> <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 32px"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font> </div> </td> <td width="1078"> <div align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 9pt">The returns shown in the bar chart are for Institutional Class shares.&#160;&#160;The performance of Class A and Class C shares will differ due to differences in expenses.</font> </div> </td> </tr> </table> 0.2169 0.1468 Institutional Class Shares Return Before Taxes 0.1952 0.1361 Institutional Class Shares Return After Taxes on Distributions 0.1426 0.1201 Institutional Class Shares Return After Taxes on Distributions and Sale of Fund Shares 0.1502 0.1149 Class A Shares Return Before Taxes 0.1953 0.1358 Class C Shares Return Before Taxes 0.1805 0.0950 Russell 2000 &#174; Value Total Return Index (reflects no deduction for fees, expenses or taxes) 2010-11-30 2010-11-30 2010-11-30 2010-11-30 ~ http://usb.com/20130626/role/ScheduleAverageAnnualReturnsTransposed20006 column dei_LegalEntityAxis compact ck0001141819_S000030269Member 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 depend on an investor&#8217;s tax situation and may differ from those shown.&#160;&#160;After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the effect of state and local taxes.&#160;&#160;The after-tax returns shown are not relevant to those investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).&#160;&#160;&#8220;Return After Taxes on Distributions&#8221; shows the effect of taxable distributions (distributions of net investment income and net capital gain) but assumes that Fund shares are still held at the end of the period.&#160;&#160;The after-tax returns are shown only for the Institutional Class shares.&#160;&#160;The after-tax returns for the Class A and Class C shares will vary.</font> </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the effect of state and local taxes. Remember, the Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.snowfunds.com The after-tax returns shown are not relevant to those investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). The performance information demonstrates the risks of investing in the Small Cap Value Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for one year and since inception compare with those of a broad measure of market performance. The after-tax returns are shown only for the Institutional Class shares. The after-tax returns for the Class A and Class C shares will vary. (reflects no deduction for fees, expenses or taxes) 877-766-9363 Average Annual Total Returns For the Periods Ended December 31, 2012 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 cost of investing in the Small Cap Value 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 operating expense limitation agreement discussed in the table above is reflected only through June 29, 2014.</font></div> 717 1251 1836 3415 378 989 1749 3747 178 691 1258 2804 278 989 1749 3747 ~ http://usb.com/20130626/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001141819_S000030269Member row primary compact * ~ ~ http://usb.com/20130626/role/ScheduleExpenseExampleNoRedemptionTransposed20004 column dei_LegalEntityAxis compact ck0001141819_S000030269Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: If you did not redeem your Class C shares, you would pay the following expenses: 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"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font>To achieve its investment objective, the Small Cap Value Fund will invest at least 80% of its net assets in equity securities of companies with market capitalizations between $100 million and $3 billion (&#8220;small-cap companies&#8221;).&#160;&#160;The Fund&#8217;s investments in equity securities may include common and preferred stocks, convertible securities, and shares of other investment companies and exchange-traded funds (&#8220;ETFs&#8221;) that invest in equity securities of small-cap 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">In addition to equity securities, the Fund may also invest up to 15% of its net assets in U.S. Government or U.S. agency obligations.&#160;&#160;The Fund may have up to 25% of its net assets invested directly or indirectly in foreign securities, including investments in emerging markets.</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 equity securities for the Fund using a bottom-up approach that seeks to identify small-cap companies that the Adviser believes are undervalued and are likely to experience a rebound in earnings due to an event or series of events that creates a price to earnings expansion that leads to higher stock price valuations.&#160;&#160;The Fund&#8217;s portfolio typically consists of 40 to 60 equity securities that are weighted according to the Adviser&#8217;s projected return expectations.&#160;&#160;The Adviser&#8217;s disciplined investment process seeks to yield a portfolio that is amply diversified across a wide spectrum of economic classifications and sectors.&#160;&#160;In general, the Adviser may sell an investment when it reaches its target price, when the position grows too large, when the company&#8217;s financial position or outlook deteriorates, when an anticipated business catalyst for the investment does not materialize as expected, or to make room in the Fund for a more attractive investment.</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">An important component of the Adviser&#8217;s investment process is an intense focus on a company&#8217;s balance sheet and cash flow statement.&#160;&#160;The Adviser&#8217;s analysis of balance sheets and cash flow statements is centered on determining whether a company can sustain itself through the problems that have caused its equity valuation to fall and subsequently brought the company&#8217;s stock to the Adviser&#8217;s attention.&#160;&#160;The Adviser generally attempts to purchase equities for the Fund&#8217;s portfolio after an event in which the company&#8217;s equity valuation has fallen and business conditions are unfavorable, if not at or near a cyclical bottom.&#160;&#160;This is done in conjunction with extensive research to confirm the Adviser&#8217;s opinion that a company can survive the near-term problems.&#160;&#160;While the Adviser&#8217;s analysis does not eliminate the occurrence of short-term equity valuation volatility, the Adviser believes that this process provides for a reasonable level of capital protection.</font> </div> 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 Snow Capital Small Cap Value Fund (the &#8220;Small Cap Value Fund&#8221; or the &#8220;Fund&#8221;) is long-term capital appreciation.</font> </div> Snow Capital Opportunity Fund SNOAX SNOCX SNOIX Portfolio Turnover. <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may 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 Total Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 81.32% of the average value of its portfolio.</font> </div> 0.8132 Principal Risks. <div align="justify" style="TEXT-INDENT: 0pt; 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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 the special tax rules, the effect of which may have adverse tax consequences for the Fund, which may result in adverse tax consequences for the Fund&#8217;s shareholders.</font> </div> </td> </tr> </table> Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Opportunity 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. You may qualify for sales charge discounts on Class A shares if you or your family invest, or agree to invest in the future, at least $25,000 in the Fund.&#160;&#160;More information about these and other discounts is available from your financial professional and under &#8220;Shareholder Information &#8211; Choosing a Share Class &#8211; Sales Charge on Class A Shares&#8221; on page 19 of the Prospectus and under &#8220;Sales Charges; Sales Charge Reductions and Waivers &#8211; Sales Charge on Class A Shares&#8221; on page 43 of the SAI.</font> </div> 0.0525 0.0000 0.0000 0.0050 0.0100 0.0000 -0.0050 -0.0050 -0.0050 0.0100 0.0100 0.0100 0.0025 0.0100 0.0000 0.0030 0.0026 0.0031 0.0002 0.0002 0.0002 0.0157 0.0228 0.0133 ~ http://usb.com/20130626/role/ScheduleShareholderFees20009 column dei_LegalEntityAxis compact ck0001141819_S000011970Member row primary compact * ~ ~ http://usb.com/20130626/role/ScheduleAnnualFundOperatingExpenses20010 column dei_LegalEntityAxis compact ck0001141819_S000011970Member row primary compact * ~ 2014-06-29 You may qualify for sales charge discounts on Class A shares if you or your family invest, or agree to invest in the future, at least $25,000 in the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 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 the prospectus, which do not include Acquired Fund Fees and Expenses. The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 12 months of purchase. Shareholder Fees (fees paid directly from your investment) 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">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 total returns for the one year, five year and since inception periods compare with those of a broad measure of market performance.&#160;&#160;<font style="DISPLAY: inline">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.snowfunds.com or by calling the Fund toll-free at 877-SNOWFND (877-766-9363).</font> </div> Institutional Class Shares Calendar Year Returns as of December 31 0.0024 -0.4213 0.6002 0.1339 -0.1158 0.1873 ~ http://usb.com/20130626/role/ScheduleAnnualTotalReturnsBarChart20013 column dei_LegalEntityAxis compact ck0001141819_S000011970Member column rr_ProspectusShareClassAxis compact ck0001141819_C000032678Member row primary compact * ~ best performance 0.4128 2009-06-30 worst performance -0.2779 2008-12-31 year-to-date return 0.1768 2013-03-31 <div style="text-indent: 0pt; display: block; text-align: left;"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">The calendar year-to-date return for the Fund&#8217;s Institutional Class shares as of March 31, 2013 was 17.68%.&#160;&#160;During the period shown in the bar chart, the best performance for a quarter was 41.28% (for the quarter ended June 30, 2009).&#160;&#160;The worst performance was -27.79% (for the quarter ended December 31, 2008).</font> </div> <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-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="WIDTH: 34px"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font> </div> </td> <td width="1076"> <div align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 9pt">The returns shown in the bar chart are for Institutional Class shares.&#160;&#160;The performance of Class A and Class C shares will differ due to differences in expenses.</font> </div> </td> </tr> </table> 0.1873 0.0197 0.0239 Institutional Class Shares Return Before Taxes 0.1863 0.0172 0.0212 Institutional Class Shares Return After Taxes on Distributions 0.1230 0.0158 0.0196 Institutional Class Shares Return After Taxes on Distributions and Sale of Fund Shares 0.1227 0.0063 0.0133 Class A Shares Return Before Taxes 0.1660 0.0098 0.0141 Class C Shares Return Before Taxes 0.1600 0.0166 0.0347 S&P 500 &#174; Index (reflects no deduction for fees, expenses or taxes) 2006-04-28 2006-04-28 2006-04-28 2006-04-28 ~ http://usb.com/20130626/role/ScheduleAverageAnnualReturnsTransposed20014 column dei_LegalEntityAxis compact ck0001141819_S000011970Member 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 depend on an investor&#8217;s tax situation and may differ from those shown.&#160;&#160;After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the effect of state and local taxes.&#160;&#160;The after-tax returns shown are not relevant to those investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).&#160;&#160;&#8220;Return After Taxes on Distributions&#8221; shows the effect of taxable distributions (distributions of net investment income and net capital gain) but assumes that Fund shares are still held at the end of the period.&#160;&#160;The after-tax returns are shown only for the Institutional Class shares.&#160;&#160;The after-tax returns for the Class A and Class C shares will vary.</font> </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the effect of state and local taxes. Remember, the Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.snowfunds.com The after-tax returns shown are not relevant to those investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). 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 total returns for the one year, five year and since inception periods compare with those of a broad measure of market performance. The after-tax returns are shown only for the Institutional Class shares. The after-tax returns for the Class A and Class C shares will vary. (reflects no deduction for fees, expenses or taxes) 877-766-9363 Average Annual Total Returns For the Periods Ended December 31, 2012 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 cost 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 operating expense limitation agreement discussed in the table above is reflected only through June 29, 2014.</font></div> 676 995 1335 2294 331 712 1220 2615 135 421 729 1601 231 712 1220 2615 ~ http://usb.com/20130626/role/ScheduleExpenseExampleTransposed20011 column dei_LegalEntityAxis compact ck0001141819_S000011970Member row primary compact * ~ ~ http://usb.com/20130626/role/ScheduleExpenseExampleNoRedemptionTransposed20012 column dei_LegalEntityAxis compact ck0001141819_S000011970Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: If you did not redeem your Class C shares, you would pay the following expenses: 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 Opportunity Fund invests in domestic equity securities, including common and preferred stocks, convertible securities, and shares of other investment companies and exchange-traded funds (&#8220;ETFs&#8221;) that invest in equity securities.&#160;&#160;The Fund may invest in securities of companies of any size.&#160;&#160;In addition to domestic securities, the Fund may have up to 25% of its net assets invested directly or indirectly in foreign securities, including investments in emerging markets.</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">To the extent deemed appropriate by the Adviser to mitigate the risks of volatility in the U.S. equity market, the Fund seeks protection of investment principal by using derivative instruments.&#160;&#160;Through the Fund&#8217;s use of options, including covered call options, naked put options, bull and bear spread option trades, put options and index options, the Adviser attempts to enhance equity returns relative to a long-only equity strategy and to lower the overall volatility of the Fund&#8217;s investment portfolio.&#160;&#160;The Fund may also use futures contracts in place of options to achieve similar results.&#160;&#160;The Fund may use an investment in a derivative instrument as a substitute for a comparable market position in the underlying equity security or to attempt to &#8220;hedge&#8221; or limit the exposure of the Fund&#8217;s position in an equity security.</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">In addition to equity securities, the Fund may invest up to 50% of its net assets in debt securities of varying maturities and durations, including securities issued or guaranteed as to principal and interest by the U.S. Government or its agencies, instrumentalities or sponsored entities, and including debt securities that have been rated below investment grade by a nationally recognized statistical ratings organization (&#8220;NRSRO&#8221;), commonly referred to as &#8220;junk bonds&#8221; or &#8220;high yield bonds.&#8221;&#160;&#160;However, the Fund will not purchase debt securities rated as in default by an NRSRO.&#160;&#160;In addition to direct investments in debt securities, the Fund may invest in other companies and ETFs that invest in debt securities.</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 investments for the Fund using a bottom-up approach that seeks to identify companies that the Adviser believes are undervalued and are likely to experience a rebound in earnings due to an event or series of events that creates a price to earnings expansion that leads to higher stock price valuations.&#160;&#160;The Fund&#8217;s portfolio typically consists of 30 to 60 equity securities that are weighted according to the Adviser&#8217;s projected return expectations.&#160;&#160;In general, the Adviser may sell an investment when it reaches its target price, when the position grows too large, when the company&#8217;s financial position or outlook deteriorates, when an anticipated business catalyst for the investment does not materialize as expected, or to make room in the Fund for a more attractive investment.</font> </div> 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 Snow Capital Opportunity Fund (the &#8220;Opportunity Fund&#8221; or the &#8220;Fund&#8221;) is long-term capital appreciation and protection of investment principal.</font> </div> EX-101.SCH 3 ck0001141819-20130626.xsd SCHEMA DOCUMENT 000001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 020000 - Document - Risk/Return Summary {Unlabeled} - Snow Capital Small Cap Value Fund link:presentationLink link:definitionLink link:calculationLink 020001 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020002 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020003 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020004 - Schedule - Expense Example No Redemption {Transposed} link:presentationLink link:definitionLink link:calculationLink 020005 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020006 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020008 - Document - Risk/Return Summary {Unlabeled} - Snow Capital Opportunity Fund link:presentationLink link:definitionLink link:calculationLink 020009 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020010 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020011 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020012 - Schedule - Expense Example No Redemption {Transposed} link:presentationLink link:definitionLink link:calculationLink 020013 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020014 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020007 - Disclosure - Risk/Return Detail Data {Elements} - Snow Capital Small Cap Value Fund link:presentationLink link:definitionLink link:calculationLink 020015 - Disclosure - Risk/Return Detail Data {Elements} - Snow Capital Opportunity Fund link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 4 ck0001141819-20130626_cal.xml CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 ck0001141819-20130626_def.xml DEFINITION LINKBASE DOCUMENT EX-101.LAB 6 ck0001141819-20130626_lab.xml LABEL LINKBASE DOCUMENT EX-101.PRE 7 ck0001141819-20130626_pre.xml PRESENTATION LINKBASE DOCUMENT XML 8 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Snow Capital Opportunity Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective.
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The investment objective of the Snow Capital Opportunity Fund (the “Opportunity Fund” or the “Fund”) is long-term capital appreciation and protection of investment principal.
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. You may qualify for sales charge discounts on Class A shares if you or your family invest, or agree to invest in the future, at least $25,000 in the Fund.  More information about these and other discounts is available from your financial professional and under “Shareholder Information – Choosing a Share Class – Sales Charge on Class A Shares” on page 19 of the Prospectus and under “Sales Charges; Sales Charge Reductions and Waivers – Sales Charge on Class A Shares” on page 43 of the SAI.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-06-29
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may 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 81.32% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 81.32%
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 the prospectus, which do not include Acquired Fund Fees and Expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Example.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.  The operating expense limitation agreement discussed in the table above is reflected only through June 29, 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:
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption If you did not redeem your Class C shares, you would pay the following expenses:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies.
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
To achieve its investment objective, the Opportunity Fund invests in domestic equity securities, including common and preferred stocks, convertible securities, and shares of other investment companies and exchange-traded funds (“ETFs”) that invest in equity securities.  The Fund may invest in securities of companies of any size.  In addition to domestic securities, the Fund may have up to 25% of its net assets invested directly or indirectly in foreign securities, including investments in emerging markets.

To the extent deemed appropriate by the Adviser to mitigate the risks of volatility in the U.S. equity market, the Fund seeks protection of investment principal by using derivative instruments.  Through the Fund’s use of options, including covered call options, naked put options, bull and bear spread option trades, put options and index options, the Adviser attempts to enhance equity returns relative to a long-only equity strategy and to lower the overall volatility of the Fund’s investment portfolio.  The Fund may also use futures contracts in place of options to achieve similar results.  The Fund may use an investment in a derivative instrument as a substitute for a comparable market position in the underlying equity security or to attempt to “hedge” or limit the exposure of the Fund’s position in an equity security.

In addition to equity securities, the Fund may invest up to 50% of its net assets in debt securities of varying maturities and durations, including securities issued or guaranteed as to principal and interest by the U.S. Government or its agencies, instrumentalities or sponsored entities, and including debt securities that have been rated below investment grade by a nationally recognized statistical ratings organization (“NRSRO”), commonly referred to as “junk bonds” or “high yield bonds.”  However, the Fund will not purchase debt securities rated as in default by an NRSRO.  In addition to direct investments in debt securities, the Fund may invest in other companies and ETFs that invest in debt securities.

The Adviser selects investments for the Fund using a bottom-up approach that seeks to identify companies that the Adviser believes are undervalued and are likely to experience a rebound in earnings due to an event or series of events that creates a price to earnings expansion that leads to higher stock price valuations.  The Fund’s portfolio typically consists of 30 to 60 equity securities that are weighted according to the Adviser’s projected return expectations.  In general, the Adviser may sell an investment when it reaches its target price, when the position grows too large, when the company’s financial position or outlook deteriorates, when an anticipated business catalyst for the investment does not materialize as expected, or to make room in the Fund for a more attractive investment.
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 Opportunity 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.  Preferred stocks are 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.

·
Shares of Other Investment Companies and ETFs Risk.  You will indirectly bear fees and expenses charged by the underlying funds in which the Fund may invest in addition to the Fund’s direct fees and expenses and, as a result, your cost of investing in the Fund will generally be higher than the cost of investing directly in the underlying fund shares.  Investments in ETFs bear the risk that the market price of the ETF’s shares may trade at a discount to their net asset value (“NAV”) or that an active trading market for an ETF’s shares may not develop or be maintained.

·
Convertible Securities Risk.  The market value of a convertible security performs like that of a regular debt security, that is, if market interest rates rise, the value of the convertible security falls.

·
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.

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

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

·
Foreign Securities and Emerging Markets Risks.  Investing in foreign securities includes risks relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices, including fluctuations in foreign currencies.  Countries in emerging markets are generally more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues.

·
Debt Securities Risks.  Interest rates may go up resulting in a decrease in the value of the debt securities held by the Fund.  Investments in debt securities include credit risk, which is the risk that an issuer will not make timely payments of principal and interest.  There is also the risk that a bond issuer may “call,” or repay, its high yielding bonds before their maturity dates.  Debt securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment.  Limited trading opportunities for certain debt securities may make it more difficult to sell or buy a security at a favorable price or time.

·
Junk Bonds Risk.  Investments in junk bonds involve a greater risk of default and are subject to a substantially higher degree of credit risk or price changes than other types of debt securities.

·
U.S. Government and U.S. Agency Obligations Risk.  There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) who issue or guarantee certain securities where it is not obligated to do so.

·
Options and Futures Risk.  Options and futures may be more volatile than investments directly in the underlying securities, involve additional costs and may involve a small initial investment relative to the risk assumed.  In addition, the value of an option or future may not correlate perfectly to the underlying securities index or overall securities markets.

·
Tax Risk.  Certain of the Fund’s investment strategies, including transactions in options and futures contracts, may be subject to the special tax rules, the effect of which may have adverse tax consequences for the Fund, which may result in adverse tax consequences for the Fund’s shareholders.
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 Opportunity 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 total returns for the one year, five year and since inception periods compare with those of a broad measure of market performance.  Remember, the Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at www.snowfunds.com or by calling the Fund toll-free at 877-SNOWFND (877-766-9363).
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 total returns for the one year, five year and since inception periods compare with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 877-766-9363
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.snowfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Remember, the Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Institutional Class Shares Calendar Year Returns as of December 31
Bar Chart Footnotes [Text Block] rr_BarChartFootnotesTextBlock
(1)
The returns shown in the bar chart are for Institutional Class shares.  The performance of Class A and Class C shares will differ due to differences in expenses.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
The calendar year-to-date return for the Fund’s Institutional Class shares as of March 31, 2013 was 17.68%.  During the period shown in the bar chart, the best performance for a quarter was 41.28% (for the quarter ended June 30, 2009).  The worst performance was -27.79% (for the quarter ended December 31, 2008).
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2013
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 17.68%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel best performance
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 41.28%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel worst performance
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (27.79%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the effect of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred The after-tax returns shown are not relevant to those investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs").
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown The after-tax returns are shown only for the Institutional Class shares. The after-tax returns for the Class A and Class C shares will vary.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock
After-tax returns depend on an investor’s tax situation and may differ from those shown.  After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the effect of state and local taxes.  The after-tax returns shown are not relevant to those investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).  “Return After Taxes on Distributions” shows the effect of taxable distributions (distributions of net investment income and net capital gain) but assumes that Fund shares are still held at the end of the period.  The after-tax returns are shown only for the Institutional Class shares.  The after-tax returns for the Class A and Class C shares will vary.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns For the Periods Ended December 31, 2012
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel S&P 500 ® Index (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 16.00%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 1.66%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 3.47%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Apr. 28, 2006
Snow Capital Opportunity Fund - Class A Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.25%
Maximum Deferred Sales Charge (Load) (as a percentage of shares redeemed within 12 months of purchase) rr_MaximumDeferredSalesChargeOverOther 0.50% [1]
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (0.50%)
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.30%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.57% [2],[3]
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 12 months of purchase.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on Class A shares if you or your family invest, or agree to invest in the future, at least $25,000 in the Fund.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 25,000
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 676
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 995
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,335
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,294
Annual Return 2007 rr_AnnualReturn2007 0.24%
Annual Return 2008 rr_AnnualReturn2008 (42.13%)
Annual Return 2009 rr_AnnualReturn2009 60.02%
Annual Return 2010 rr_AnnualReturn2010 13.39%
Annual Return 2011 rr_AnnualReturn2011 (11.58%)
Annual Return 2012 rr_AnnualReturn2012 18.73%
Label rr_AverageAnnualReturnLabel Class A Shares Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 12.27%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 0.63%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 1.33%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Apr. 28, 2006
Snow Capital Opportunity Fund - Class C Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of shares redeemed within 12 months of purchase) rr_MaximumDeferredSalesChargeOverOther 1.00%
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (0.50%)
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.26%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.28% [2],[3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 331
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 712
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,220
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,615
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 231
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 712
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,220
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 2,615
Label rr_AverageAnnualReturnLabel Class C Shares Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 16.60%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 0.98%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 1.41%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Apr. 28, 2006
Snow Capital Opportunity Fund - Institutional Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of shares redeemed within 12 months of purchase) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (0.50%)
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.31%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.33% [2],[3]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 135
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 421
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 729
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,601
Label rr_AverageAnnualReturnLabel Institutional Class Shares Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 18.73%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 1.97%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 2.39%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Apr. 28, 2006
Snow Capital Opportunity Fund - Institutional Class Shares | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Institutional Class Shares Return After Taxes on Distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 18.63%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 1.72%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 2.12%
Snow Capital Opportunity Fund - Institutional Class Shares | After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Institutional Class Shares Return After Taxes on Distributions and Sale of Fund Shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 12.30%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 1.58%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 1.96%
[1] The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 12 months of purchase.
[2] 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 the prospectus, which do not include Acquired Fund Fees and Expenses.
[3] Pursuant to an operating expense limitation agreement between the Fund's investment adviser, Snow Capital Management L.P. (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 interest and tax expenses, brokerage commissions, extraordinary and non-recurring expenses, acquired fund fees and expenses and dividends and interest on short positions) do not exceed 1.75%, 2.50%, and 1.50% of the Fund's average net assets, respectively, for Class A shares, Class C shares and Institutional Class shares, respectively, through at least June 29, 2014, and subject thereafter to annual re-approval of the agreement by the Trust's Board of Trustees (the "Board of Trustees"). The operating expense limitation agreement may be terminated only by, or with the consent of, the Board of Trustees. The Adviser may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date such fees and expenses were waived or paid, subject to the operating expense limitation agreement.