0000894189-13-005653.txt : 20131008 0000894189-13-005653.hdr.sgml : 20131008 20131008172902 ACCESSION NUMBER: 0000894189-13-005653 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20131008 DATE AS OF CHANGE: 20131008 EFFECTIVENESS DATE: 20131008 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: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-62298 FILM NUMBER: 131142018 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 S000033200 M.D. Sass 1-3 Year Duration U.S. Agency Bond Fund C000102166 M.D. Sass 1-3 Year Duration U.S. Agency Bond Fund - Institutional Class Shares MDSIX C000102167 M.D. Sass 1-3 Year Duration U.S. Agency Bond Fund - Retail Class Shares MDSHX C000124146 M.D. Sass 1-3 Year Duration U.S. Agency Bond Fund - StoneCastle Treasurer Class Shares SCNYX 497 1 mdsasstpm-497c_xbrl.htm DEFINITIVE MATERIALS (497C - XBRL) transltr.htm

 
Filed Pursuant to Rule 497(c)
1933 Act File No. 033-62298
1940 Act File No. 811-10401
 

M.D. SASS 1-3 YEAR DURATION U.S. AGENCY BOND FUND

On behalf of M.D. Sass 1-3 Year Duration U.S. Agency Bond Fund and pursuant to Rule 497(c) under the Securities Act of 1933, as amended, attached for filing are exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information in  the forms of prospectuses and SAIs filed with the Securities and Exchange Commission on behalf of the Trust pursuant to Rule 497(c) under the Securities Act on October 2, 2013; such forms of prospectuses and SAIs (accession number 0000894189-13-005591) are incorporated by reference into this Rule 497 Document.  The purpose of this filing is to submit the 497(c) filing dated October 2, 2013 in XBRL for the M.D. Sass 1-3 Year Duration U.S. Agency Bond Fund.

The XBRL exhibits attached hereto consist of the following:

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 ck0001141819-20131002.xml INSTANCE DOCUMENT 0001141819 2013-10-02 2013-10-02 0001141819 ck0001141819:doc_Institutional_Retail_Class_ProspectusMember ck0001141819:S000033200Member 2013-10-02 2013-10-02 0001141819 ck0001141819:doc_Institutional_Retail_Class_ProspectusMember ck0001141819:S000033200Member ck0001141819:C000102166Member 2013-10-02 2013-10-02 0001141819 ck0001141819:doc_Institutional_Retail_Class_ProspectusMember ck0001141819:S000033200Member ck0001141819:C000102167Member 2013-10-02 2013-10-02 0001141819 ck0001141819:doc_Institutional_Retail_Class_ProspectusMember ck0001141819:S000033200Member rr:AfterTaxesOnDistributionsMember ck0001141819:C000102166Member 2013-10-02 2013-10-02 0001141819 ck0001141819:doc_Institutional_Retail_Class_ProspectusMember ck0001141819:S000033200Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001141819:C000102166Member 2013-10-02 2013-10-02 0001141819 ck0001141819:doc_Institutional_Retail_Class_ProspectusMember ck0001141819:S000033200Member ck0001141819:index__The_BofA_Merrill_Lynch_13_Year_US_Treasury_Index_Institutional_Class_Comparison_reflects_no_deduction_for_fees_expenses_or_taxes_Member 2013-10-02 2013-10-02 0001141819 ck0001141819:doc_Institutional_Retail_Class_ProspectusMember ck0001141819:S000033200Member ck0001141819:index_Morningstar_Short_Government_Index_Institutional_Class_Comparison_reflects_no_deduction_for_fees_expenses_or_taxesMember 2013-10-02 2013-10-02 0001141819 ck0001141819:doc_Institutional_Retail_Class_ProspectusMember ck0001141819:S000033200Member ck0001141819:index__The_BofA_Merrill_Lynch_13_Year_US_Treasury_Index_Retail_Class_Comparison_reflects_no_deduction_for_fees_expenses_or_taxes_Member 2013-10-02 2013-10-02 0001141819 ck0001141819:doc_Institutional_Retail_Class_ProspectusMember ck0001141819:S000033200Member ck0001141819:index_Morningstar_Short_Government_Index_Retail_Class_Comparison_reflects_no_deduction_for_fees_expenses_or_taxesMember 2013-10-02 2013-10-02 0001141819 ck0001141819:doc_Treasurer_Class_ProspectusMember ck0001141819:S000033200Member 2013-10-02 2013-10-02 0001141819 ck0001141819:doc_Treasurer_Class_ProspectusMember ck0001141819:S000033200Member ck0001141819:C000124146Member 2013-10-02 2013-10-02 0001141819 ck0001141819:doc_Treasurer_Class_ProspectusMember ck0001141819:S000033200Member ck0001141819:C000102166Member 2013-10-02 2013-10-02 0001141819 ck0001141819:doc_Treasurer_Class_ProspectusMember ck0001141819:S000033200Member rr:AfterTaxesOnDistributionsMember ck0001141819:C000102166Member 2013-10-02 2013-10-02 0001141819 ck0001141819:doc_Treasurer_Class_ProspectusMember ck0001141819:S000033200Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001141819:C000102166Member 2013-10-02 2013-10-02 0001141819 ck0001141819:doc_Treasurer_Class_ProspectusMember ck0001141819:S000033200Member ck0001141819:index__The_BofA_Merrill_Lynch_13_Year_US_Treasury_Index_Institutional_Class_Comparison_reflects_no_deduction_for_fees_expenses_or_taxes_Member 2013-10-02 2013-10-02 0001141819 ck0001141819:doc_Treasurer_Class_ProspectusMember ck0001141819:S000033200Member ck0001141819:index_Morningstar_Short_Government_Index_Institutional_Class_Comparison_reflects_no_deduction_for_fees_expenses_or_taxesMember 2013-10-02 2013-10-02 xbrli:pure iso4217:USD The Morningstar Short Government Index replaced the Lipper Short U.S. Government Funds Index as the secondary benchmark index for the Fund to more accurately represent the Fund's investment approach. The Morningstar Short Government Index is an unmanaged index that tracks the performance of U.S. Treasury and U.S. Government Agency bonds with maturities between one and four years. TRUST FOR PROFESSIONAL MANAGERS 497 false 0001141819 2013-10-02 2013-10-02 2013-10-02 2013-09-27 M.D. Sass 1-3 Year Duration U.S. Agency Bond Fund MDSIX MDSHX 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 M.D. Sass 1-3 Year Duration U.S. Agency Bond Fund (the &#8220;Fund&#8221;) seeks to achieve a high and stable rate of total return, when and as opportunities are available in the context of preserving capital in adverse markets.</font> </div> 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">The bar chart below 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 one year and since inception compare with those of a broad measure of market performance.&#160;&#160;The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how it will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at <font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">www.mdsassfunds.com</font> or by calling the Fund toll-free at 1-855-MDS-FUND (1-855-637-3863).</font> </div> Institutional Class Shares(1) Calendar Year Returns as of December 31 0.0128 ~ http://usbank.com/20131002/role/ScheduleAnnualTotalReturnsBarChart20003 column dei_DocumentInformationDocumentAxis compact ck0001141819_doc_Institutional_Retail_Class_ProspectusMember column dei_LegalEntityAxis compact ck0001141819_S000033200Member column rr_ProspectusShareClassAxis compact ck0001141819_C000102166Member row primary compact * ~ highest performance 0.0069 2012-09-30 lowest performance -0.0023 2012-12-31 year-to-date return -0.0055 2013-06-30 <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">The Fund&#8217;s calendar year-to-date return as of June 30, 2013 was -0.55%.&#160;&#160;During the period shown in the bar chart, the highest performance for a quarter was 0.69% (for the quarter ended September 30, 2012).&#160;&#160;The lowest performance was -0.23% (for the quarter ended December 31, 2012).</font> </div> <table id="list-9" style="font-size: 10pt; font-family: times new roman; width: 100%;" cellspacing="0" cellpadding="0"> <tr valign="top"> <td style="width: 18pt;" align="right"> <div> <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>&#160;&#160;</font> </div> </td> <td> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;<font style="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 the Retail Class shares will differ due to differences in expenses.</font></font> </div> </td> </tr> </table> 0.0128 0.0221 Institutional Class Shares Return Before Taxes 0.0083 0.0178 Institutional Class Shares Return After Taxes on Distributions 0.0083 0.0164 Institutional Class Shares Return After Taxes on Distributions and Sale of Fund Shares 0.0102 0.0102 Retail Class Shares Return Before Taxes 0.0043 0.0074 The BofA Merrill Lynch 1-3 Year US Treasury Index Institutional Class Comparison (reflects no deduction for fees, expenses or taxes) 0.0099 0.0136 Morningstar Short Government Index Institutional Class Comparison (reflects no deduction for fees, expenses or taxes) 0.0043 0.0044 The BofA Merrill Lynch 1-3 Year US Treasury Index Retail Class Comparison (reflects no deduction for fees, expenses or taxes) 0.0099 0.0106 Morningstar Short Government Index Retail Class Comparison (reflects no deduction for fees, expenses or taxes) 2011-06-30 2011-12-30 2011-06-30 2011-06-30 2011-12-30 2011-12-30 ~ http://usbank.com/20131002/role/ScheduleAverageAnnualReturnsTransposed20004 column dei_DocumentInformationDocumentAxis compact ck0001141819_doc_Institutional_Retail_Class_ProspectusMember column dei_LegalEntityAxis compact ck0001141819_S000033200Member 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;IRA&#8221;).&#160;&#160;The after-tax returns for Retail Class shares will vary.</font> </div> 1-855-637-3863 The after-tax returns for Retail Class shares will vary. The bar chart below 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 one year and since inception compare with those of a broad measure of market performance. (reflects no deduction for fees, expenses or taxes) www.mdsassfunds.com 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 ("IRA"). The Fund's past performance, before and after taxes, is not necessarily an indication of how it will perform in the future. The Morningstar Short Government Index&#174; replaced the Lipper Short U.S. Government Funds Index&#174; as the secondary benchmark index for the Fund to more accurately represent the Fund's investment approach. The Morningstar Short Government Index is an unmanaged index that tracks the performance of U.S. Treasury and U.S. Government Agency bonds with maturities between one and four years. 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> 0.0030 0.0030 0.0000 0.0025 0.0029 0.0030 0.0059 0.0085 ~ http://usbank.com/20131002/role/ScheduleAnnualFundOperatingExpenses20001 column dei_DocumentInformationDocumentAxis compact ck0001141819_doc_Institutional_Retail_Class_ProspectusMember column dei_LegalEntityAxis compact ck0001141819_S000033200Member 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) None 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"><font style="DISPLAY: inline">The Fund pays transaction costs, such as commissions and/or bid/ask spreads, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance.</font>&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 78.90% of the average value of its portfolio.</font> </div> 0.7890 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 all or a portion of your investment in the Fund over long or even short periods of time</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 align="right" style="WIDTH: 36pt"> <div> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">General Market Risk.&#160;&#160;</font>Certain securities selected for the Fund&#8217;s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time.</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 align="right" style="WIDTH: 36pt"> <div> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Management Risk.&#160;&#160;</font>The Adviser&#8217;s judgments about the attractiveness, value and potential appreciation of the Fund&#8217;s investments may prove to be incorrect and that the investment strategies employed by the Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies.</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 align="right" style="WIDTH: 36pt"> <div> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Fixed Income Securities Risks.</font>&#160;&#160;Interest rates may go up resulting in a decrease in the value of the fixed income securities held by the Fund.&#160;&#160;Fixed income 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.&#160;&#160;Limited trading opportunities for certain fixed income securities may make it more difficult to sell or buy a security at a favorable price or time.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-2" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Issuer Risk</font>.&#160;&#160;Securities issued by U.S. Government agencies and instrumentalities have different levels of U.S. Government credit support.&#160;&#160;Some are backed by the full faith and credit of the U.S. Government, while others are supported by only the discretionary authority of the U.S. Government or only by the credit of the agency or instrumentality.&#160;&#160;No assurance can be given that the U.S. Government will provide financial support to U.S. Government-sponsored instrumentalities because they are not obligated to do so by law.&#160;&#160;Guarantees of timely prepayment of principal and interest do not assure that the market prices and yields of the securities are guaranteed nor do they guarantee the net asset value or performance of the Fund, which will vary with changes in interest rates, the Adviser&#8217;s success and other market conditions.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-3" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Mortgage-Backed Securities Risks:</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-5" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 63pt"> <div> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Prepayment Risk of Mortgage-Backed Securities</font>.&#160;&#160;In times of declining interest rates, the Fund&#8217;s higher yielding securities will be prepaid and the Fund will have to replace them with securities having a lower yield.</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 align="right" style="WIDTH: 63pt"> <div> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Extension Risk of Mortgage-Backed Securities</font>.&#160;&#160;In times of rising interest rates, mortgage prepayments will slow causing portfolio securities considered short or intermediate term to be long-term securities which fluctuate more widely in response to changes in interest rates than shorter term securities.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-7" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Liquidity Risk</font>.&#160;&#160;The risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or purchase securities in an amount sufficient to achieve its desired level of exposure.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-8" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">When-Issued Securities Risk.</font>&#160;&#160;The risk that the price or yield obtained in a when-issued transaction may be less favorable than the price or yield available in the market when the securities delivery takes place, or that failure of a party to a transaction to consummate the trade may result in a loss to the Fund or missing an opportunity to obtain a price considered advantageous.</font> </div> </td> </tr> </table> Remember, in addition to possibly not achieving your investment goals, you could lose all or a portion of your investment in the Fund over long or even short periods of time. 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> 60 189 329 738 87 271 471 1049 ~ http://usbank.com/20131002/role/ScheduleExpenseExampleTransposed20002 column dei_DocumentInformationDocumentAxis compact ck0001141819_doc_Institutional_Retail_Class_ProspectusMember column dei_LegalEntityAxis compact ck0001141819_S000033200Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 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"><font style="DISPLAY: inline">To achieve its investment objective, the Fund invests at least 95% of its assets in U.S. Government and agency mortgage-backed securities (&#8220;MBS&#8221;) and other securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities (including Ginnie Mae, Fannie Mae and Freddie Mac, as defined below), and collateralized mortgage obligations (&#8220;CMOs&#8221;), backed by U.S. Government and agency MBS.&#160;&#160;</font>Some of the Fund&#8217;s investments may be backed by the full faith and credit of the U.S. Government, while others may be supported only by the discretionary authority of the U.S. Government or only by the credit of the issuing agency or instrumentality.</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">Under normal market conditions, the target dollar-weighted average effective duration for the Fund is expected to range between 1 and 3 years.&#160;&#160;Duration is a measure of a fixed income security&#8217;s price sensitivity to changes in interest rates.&#160;&#160;Duration takes into account a security&#8217;s cash flows over time, including the possibility that a security might be prepaid by the issuer or redeemed by the holder prior to its stated maturity date.&#160;&#160;In contrast, maturity measures only the time until final payment is due.&#160;&#160;The duration of the Fund&#8217;s portfolio is expressed in years and measures the portfolio&#8217;s change in value for changes in interest rates.&#160;&#160;The Fund may also invest in U.S. Treasury bills.&#160;&#160;The securities held by the Fund may be fixed or variable rate obligations.&#160;&#160;The Fund may also purchase securities on a when-issued or delayed-delivery basis.</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"><font style="DISPLAY: inline">To construct the Fund&#8217;s investment portfolio, the Adviser utilizes a process based on rigorous quantitative tests.&#160;&#160;These tests include projecting underlying mortgage prepayment rates under a variety of interest rate scenarios and demographic trends, with regard to any given security&#8217;s sensitivity to cash flow risk.&#160;&#160;The nature of such testing is to measure homeowner refinancing/prepayment behavior, relative to mortgage rate changes, and other factors influencing such behavior.&#160;&#160;The Adviser&#8217;s process is primarily structured to create value through intensive (</font><font style="FONT-STYLE: italic; DISPLAY: inline">i.e.</font> <font style="DISPLAY: inline">bottom-up) security selection, portfolio construction and relative value trading.&#160;&#160;Top-down macro issues and factors are incorporated into the process when considered by the Adviser to be appropriate.&#160;&#160;</font>The Adviser may sell a security if its value becomes unattractive, such as when its fundamentals deteriorate, or when other investment opportunities exist that may have more attractive yields.</font> </div> M.D. Sass 1-3 Year Duration U.S. Agency Bond Fund SCNYX 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 M.D. Sass 1-3 Year Duration U.S. Agency Bond Fund (the &#8220;Fund&#8221;) seeks to achieve a high and stable rate of total return, when and as opportunities are available in the context of preserving capital in adverse markets.</font> </div> 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; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">When StoneCastle&#160;Treasurer Class Shares of the Fund have been in operation for a full calendar year, performance information for the StoneCastle&#160;Treasurer Class will be shown in this Prospectus.&#160;&#160;The performance information of the Institutional Class Shares set forth in the bar chart below demonstrates the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns 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.&#160;&#160;Updated performance information for the Institutional Class Shares is available on the Fund&#8217;s website at www.mdsassfunds.com or by calling the Fund toll-free at 1-855-637-3863.</font></font> </div> Calendar Year Returns as of December 31(1) 0.0128 ~ http://usbank.com/20131002/role/ScheduleAnnualTotalReturnsBarChart20009 column dei_DocumentInformationDocumentAxis compact ck0001141819_doc_Treasurer_Class_ProspectusMember column dei_LegalEntityAxis compact ck0001141819_S000033200Member column rr_ProspectusShareClassAxis compact ck0001141819_C000102166Member row primary compact * ~ best performance 0.0069 2012-09-30 worst performance -0.0023 2012-12-31 year-to-date return -0.0055 2013-06-30 <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <font style="display: inline; font-family: times new roman; font-size: 10pt;">The Fund&#8217;s calendar year-to-date return as of June 30, 2013 was -0.55%.&#160;&#160;During the period shown in the bar chart, the best performance for a quarter was 0.69% (for the quarter ended September 30, 2012).&#160;&#160;The worst performance was &#8211;0.23% (for the quarter ended December 31, 2012).</font> </div> <table id="list-64" style="font-size: 10pt; font-family: times new roman; width: 100%;" cellspacing="0" cellpadding="0"> <tr valign="top"> <td style="text-align: left; width: 26px;"> <div style="text-align: left;"> <font style="display: inline; font-family: times new roman; font-size: 9pt;"><font style="font-family: times new roman; font-size: 9pt;"><font style="display: inline; font-size: 70%; vertical-align: text-top;">(1)</font>&#160;&#160;</font></font> </div> </td> <td width="1087"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"> <font style="display: inline; font-family: times new roman; font-size: 9pt;">The returns shown in the bar chart above are for the Fund&#8217;s Institutional Class shares, which are offered in a separate prospectus, and which would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the share classes do not have the same expenses.</font> </div> </td> </tr> </table> 0.0128 0.0221 Institutional Class Shares Return Before Taxes 0.0083 0.0178 Institutional Class Shares Return After Taxes on Distributions 0.0083 0.0164 Institutional Class Shares Return After Taxes on Distributions and Sale of Fund Shares 0.0043 0.0074 The BofA Merrill Lynch 1-3 Year US Treasury Index (reflects no deduction for fees, expenses or taxes) 0.0099 0.0136 Morningstar Short Government Index (reflects no deduction for fees, expenses or taxes) 2011-06-30 2011-06-30 2011-06-30 ~ http://usbank.com/20131002/role/ScheduleAverageAnnualReturnsTransposed20010 column dei_DocumentInformationDocumentAxis compact ck0001141819_doc_Treasurer_Class_ProspectusMember column dei_LegalEntityAxis compact ck0001141819_S000033200Member 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 investors who hold their shares through tax-deferred arrangements such as a 401k plan or individual retirement account (&#8220;IRA&#8221;).</font> </div> 1-855-637-3863 When StoneCastle Treasurer Class Shares of the Fund have been in operation for a full calendar year, performance information for the StoneCastle Treasurer Class will be shown in this Prospectus. The performance information of the Institutional Class Shares set forth in the bar chart below demonstrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns compare with those of a broad measure of market performance. The returns shown in the bar chart above are for the Fund's Institutional Class shares, which are offered in a separate prospectus, and which would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the share classes do not have the same expenses. www.mdsassfunds.com Remember, the Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The Morningstar Short Government Index replaced the Lipper Short U.S. Government Funds Index as the secondary benchmark index for the Fund to more accurately represent the Fund's investment approach. The Morningstar Short Government Index is an unmanaged index that tracks the performance of U.S. Treasury and U.S. Government Agency bonds with maturities between one and four years. (reflects no deduction for fees, expenses or taxes) 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 investors who hold their shares through tax-deferred arrangements such as a 401k plan or individual retirement account ("IRA"). Average Annual Total Returns (for the Periods Ended December 31, 2012) 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> 0.0030 0.0029 0.0059 ~ http://usbank.com/20131002/role/ScheduleAnnualFundOperatingExpenses20007 column dei_DocumentInformationDocumentAxis compact ck0001141819_doc_Treasurer_Class_ProspectusMember column dei_LegalEntityAxis compact ck0001141819_S000033200Member 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) None 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 and/or bid/ask spreads, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in the 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 <font style="DISPLAY: inline; TEXT-DECORATION: underline">78.90</font>% of the average value of its portfolio.</font> </div> 0.7890 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 all or a portion of your investment in the Fund over long or even short periods of time</font>.&#160;&#160;The principal risks of investing in the Fund are:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-55" 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: 34px"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td width="1079"> <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.&#160;&#160;</font>Certain securities selected for the Fund&#8217;s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-56" 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: 34px"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td width="1079"> <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.&#160;&#160;</font>The Adviser&#8217;s judgments about the attractiveness, value and potential appreciation of the Fund&#8217;s investments may prove to be incorrect and that the investment strategies employed by the Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other similar investment vehicles having similar investment strategies.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-57" 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: 34px"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td width="1079"> <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">Fixed Income Securities Risks.</font>&#160;&#160;Interest rates may go up resulting in a decrease in the value of the fixed income securities held by the Fund.&#160;&#160;Fixed income 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.&#160;&#160;Limited trading opportunities for certain fixed income securities may make it more difficult to sell or buy a security at a favorable price or time.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-58" 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: 34px"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td width="1079"> <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">Issuer Risk</font>.&#160;&#160;Securities issued by U.S. Government agencies and instrumentalities have different levels of U.S. Government credit support.&#160;&#160;Some are backed by the full faith and credit of the U.S. Government, while others are supported by only the discretionary authority of the U.S. Government or only by the credit of the agency or instrumentality.&#160;&#160;No assurance can be given that the U.S. Government will provide financial support to U.S. Government-sponsored instrumentalities because they are not obligated to do so by law.&#160;&#160;Guarantees of timely prepayment of principal and interest do not assure that the market prices and yields of the securities are guaranteed nor do they guarantee the net asset value or performance of the Fund, which will vary with changes in interest rates, the Adviser&#8217;s success and other market conditions.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-59" 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: 34px"> <div style="TEXT-ALIGN: center"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal; FONT-FAMILY: symbol; FONT-SIZE: 10pt">&#183;</font>&#160;&#160;</font> </div> </td> <td width="1079"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Mortgage-Backed Securities Risks:</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-60" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 58px"> <div> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td width="1055"> <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">Prepayment Risk of Mortgage-Backed Securities</font>.&#160;&#160;In times of declining interest rates, the Fund&#8217;s higher yielding securities will be prepaid and the Fund will have to replace them with securities having a lower yield.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-61" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 58px"> <div> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td width="1055"> <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">Extension Risk of Mortgage-Backed Securities</font>.&#160;&#160;In times of rising interest rates, mortgage prepayments will slow causing portfolio securities considered short or intermediate term to be long-term securities which fluctuate more widely in response to changes in interest rates than shorter term securities.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-62" 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: 34px"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td width="1079"> <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">Liquidity Risk</font>.&#160;&#160;The risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or purchase securities in an amount sufficient to achieve its desired level of exposure.</font> </div> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> &#160; </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-63" 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: 34px"> <div style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td width="1079"> <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">When-Issued Securities Risk.</font>&#160;&#160;The risk that the price or yield obtained in a when-issued transaction may be less favorable than the price or yield available in the market when the securities delivery takes place, or that failure of a party to a transaction to consummate the trade may result in a loss to the Fund or missing an opportunity to obtain a price considered advantageous.</font> </div> </td> </tr> </table> Remember, in addition to possibly not achieving your investment goals, you could lose all or a portion of your investment in the Fund over long or even short periods of time. 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> 60 189 329 738 ~ http://usbank.com/20131002/role/ScheduleExpenseExampleTransposed20008 column dei_DocumentInformationDocumentAxis compact ck0001141819_doc_Treasurer_Class_ProspectusMember column dei_LegalEntityAxis compact ck0001141819_S000033200Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 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">To achieve its investment objective, the Fund invests at least 95% of its assets in U.S. Government and agency mortgage-backed securities (&#8220;MBS&#8221;) and other securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities (including Ginnie Mae, Fannie Mae and Freddie Mac, as defined below), and collateralized mortgage obligations (&#8220;CMOs&#8221;), backed by U.S. Government and agency MBS.&#160;&#160;Some of the Fund&#8217;s investments may be backed by the full faith and credit of the U.S. Government, while others may be supported only by the discretionary authority of the U.S. Government or only by the credit of the issuing agency or instrumentality.</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">Under normal market conditions, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in U.S. Agency 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">Under normal market conditions, the target dollar-weighted average effective duration for the Fund is expected to range between 1 and 3 years.&#160;&#160;Duration is a measure of a fixed income security&#8217;s price sensitivity to changes in interest rates.&#160;&#160;Duration takes into account a security&#8217;s cash flows over time, including the possibility that a security might be prepaid by the issuer or redeemed by the holder prior to its stated maturity date.&#160;&#160;In contrast, maturity measures only the time until final payment is due.&#160;&#160;The duration of the Fund&#8217;s portfolio is expressed in years and measures the portfolio&#8217;s change in value for changes in interest rates.&#160;&#160;The Fund may also invest in U.S. Treasury bills.&#160;&#160;The securities held by the Fund may be fixed or variable rate obligations.&#160;&#160;The Fund may also purchase securities on a when-issued or delayed-delivery basis.</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 construct the Fund&#8217;s investment portfolio, the Adviser utilizes a process based on rigorous quantitative tests.&#160;&#160;These tests include projecting underlying mortgage prepayment rates under a variety of interest rate scenarios and demographic trends, with regard to any given security&#8217;s sensitivity to cash flow risk.&#160;&#160;The nature of such testing is to measure homeowner refinancing/prepayment behavior, relative to mortgage rate changes, and other factors influencing such behavior.&#160;&#160;The Adviser&#8217;s process is primarily structured to create value through intensive (<font style="FONT-STYLE: italic; DISPLAY: inline">i.e.</font> bottom-up) security selection, portfolio construction and relative value trading.&#160;&#160;Top-down macro issues and factors are incorporated into the process when considered by the Adviser to be appropriate.&#160;&#160;The Adviser may sell a security if its value becomes unattractive, such as when its fundamentals deteriorate, or when other investment opportunities exist that may have more attractive yields.</font> </div> EX-101.SCH 3 ck0001141819-20131002.xsd SCHEMA DOCUMENT 000001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 020000 - Document - Risk/Return Summary {Unlabeled} - Institutional & Retail Class Prospectus - M.D. Sass 1-3 Year Duration U.S. Agency Bond Fund (- Institutional Class Shares, - Retail Class Shares) link:presentationLink link:definitionLink link:calculationLink 020001 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020002 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020003 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020004 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020006 - Document - Risk/Return Summary {Unlabeled} - Treasurer Class Prospectus - M.D. Sass 1-3 Year Duration U.S. Agency Bond Fund (- StoneCastle Treasurer Class Shares, - Institutional Class Shares) link:presentationLink link:definitionLink link:calculationLink 020007 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020008 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020009 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020010 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020005 - Disclosure - Risk/Return Detail Data {Elements} - Institutional & Retail Class Prospectus - M.D. Sass 1-3 Year Duration U.S. Agency Bond Fund (- Institutional Class Shares, - Retail Class Shares) link:presentationLink link:definitionLink link:calculationLink 020011 - Disclosure - Risk/Return Detail Data {Elements} - Treasurer Class Prospectus - M.D. Sass 1-3 Year Duration U.S. Agency Bond Fund (- StoneCastle Treasurer Class Shares, - Institutional Class Shares) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 4 ck0001141819-20131002_cal.xml CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 ck0001141819-20131002_def.xml DEFINITION LINKBASE DOCUMENT EX-101.LAB 6 ck0001141819-20131002_lab.xml LABEL LINKBASE DOCUMENT EX-101.PRE 7 ck0001141819-20131002_pre.xml PRESENTATION LINKBASE DOCUMENT EXCEL 8 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0`!@`(````(0"ZH#>GF@$``%P(```3``@"6T-O;G1E;G1?5'EP97-= M+GAM;""B!`(HH``"```````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M``````````````````````````````````````#,ELMNPC`01?>5^@^1MU5B MH"VJ*@*+/I8M4ND'N/&0N/@EV[S^OHX)B*((&H'4;.(D]MQ[QI%G,ABM!(\6 M8"Q3,D7=I(,BD)FB3.8I^IR\Q@\HLHY(2KB2D*(U6#0:7E\-)FL--O+1TJ:H M<$X_8FRS`@2QB=(@_!+&1!`FM]Q'_,-BB\/0O3!(F5\0;LC1:PG' M;4LX[EK"<=\2COX_<3A?RP"'Z_E')[$3WE7!`#],,97_4O M#K"O?8*#&K(L$7!U<_Z^5T(-?<\O27_P]?5\;)2VOAL::/[5MZVKC(ZU%P+C M&.R:5UT3V#GZIM7<\*`+0=FK*=`:;QS^#88_````__\#`%!+`P04``8`"``` M`"$`M54P(_4```!,`@``"P`(`E]R96QS+RYR96QS(*($`BB@``(````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M`````````````(R2ST[#,`S&[TB\0^3[ZFY("*&ENTQ(NR%4'L`D[A^UC:,D M0/?VA`."2F/;T?;GSS];WN[F:50?'&(O3L.Z*$&Q,V)[UVIXK9]6#Z!B(F=I M%,<:CAQA5]W>;%]XI)2;8M?[J+*+BQJZE/PC8C0=3Q0+\>QRI9$P4P>J/OH\^;*W-$UO>"_F?6*73HQ`GA,[RW;E M0V8+J<_;J)I"RTF#%?.&PO7W)E;',O=V]R:V)O;VLN>&UL+G)E;',@H@0! M**```0`````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M``````````````````````````````````````````````"\U,UJA#`0`.![ MH>\0W;["MNK!D+^)%F`G.?)G`[`_? M;4,^P6"M%:=1$%("*M=%K2I.W[.7NP=*T`I5B$8KX+0'I(?T]F;_"HVP[B>4 M=8?$55'(J;2V>V(,U23' M@E-S+%S_K.]"";($++A&_D,\9*&\?:38TS]#23V8:*5 M,=[))"MC$M]D=BMC=C[,=F7,UH=Y7!*#4A@HWJQQ^W*^5^;I?PP[6YGI#P`` M`/__`P!02P,$%``&``@````A``T:.+:K`0``@`,```\```!X;"]W;W)K8F]O M:RYX;6R,DTUOVS`,AN\#^A\$W5NY(L+;]AO7J/NH*%'_AKPW7MYTXJS-[/LSEEZZG([XX( MJ'FGP@[+&^GH5WZ3YXMX,EKQ*J'W?R[%D!S?I!&VCT?1VM,4S5%`/Z3>I`@- MYK,LF_:^@MPW8=Q$/$OX@X/XSK`2,Y0W.E)BI\HG$V0XE5MS=E]:;&%T?8N5 MS2AQ2XD?;BMF47A*>9;^\`RA$&PO=V]R:W-H965T&ULK)Q;;QL]#H;O M%]C_8/B^MN?H`Y)\\)P+[`*+Q1ZN77N2&(WCP':;]M\O-=)(HE[%CKU?+YKF M$<4128GDC,>]^^/7[F7PLSTMZO]F^/MT/__VOZLML.#B> M5J^;U_OJ7N_?]X?OQN6U/`]+P>KP?/I].;XOQ^+A^;G>K MXVC_UK[2R./^L%N=Z-?#T_CX=FA7FV[2[F4<3B;I>+?:O@ZEAL7A,SKVCX_; M=5OLUS]V[>M)*CFT+ZL3K?_XO'T[]MIVZ\^HVZT.WW^\?5GO=V^DXMOV97OZ MW2D=#G;KQ=>GU_UA]>V%[/X5Q*MUK[O[!=3OMNO#_KA_/(U(W5@N%&V>C^=C MTO1PM]F2!<+M@T/[>#]=@_ZS;=^/UK\'Q^?]>WW8;OZV?6W) MVQ0G$8%O^_UW(?IU(Q!-'L/LJHO`/PZ#3?NX^O%R^N?^O6FW3\\G"G="%@G# M%IO?17MC:3"91U-"9ZY$:KN)]%--G'YJWE3-HY_F@D$\285_ MSER/#EAW/?KYF>N-95RZ,!>KT^KA[K!_']#9(<\?WU;B)`8+TM7'5UY91_RC M@%.DA9*ET$(::,D4S"-MTY\/X22]&_^DK;560ID6$MM$3,N!%$!*(!60&DAC MDS&9JNVEC?@GV"NTN/8&CKE:1IL+I`!2`JF`U$`:FS!SZ8*+:ZYH6.N MEM'F`BF`E$`J(#60QB;,7#KGMKG^+-5O6B%,5M&)-9LVMNC&(0HL;1#?/:AEM+I`"2`FD`E(# M:6S"S!4-X/]?5X06U]RI$UTMH\T%4@`I@51`:B"-39BY&2LBK;EY2$77(R_\!,4>2L:UZXEBR)]+=V8&2,Z=J/+)`RTZY?B483_B?S*Y'5BJW$S;N!E)$K"4>S.?LS^W@EHF9\?B6RPK"5N+DRD#)R M)8F[DOG'*Q'IW%K)C?E-M)#NB8_$^KV;(RH0E8@J1#6BAB&^%T3"=^P. MDQ&9<6T+K2N'M6/=K"":%>$>]&R&]?1$5B$I$%:(: M4<,0M]M3NJ.9>'IS[%2A5(JH0U8@:AKCMHN!; M1_?&(A4*-6[,W2)EA'HC;$F9JF@JB%3!`! M%495+U4BJA#5B!J&N-U7]4>A:FOL(`+*4:I`5"*J$-6(&H:X,9X6*(U&YL.` M3S\B#V5/PS.GT[ID1JB/4(ZH0%0BJA#5B!J&F.GB$8*[?V]HD#HU3K%,G(8O M,T+:;D0%HA)1A:A&U##$[?8T2#?=T46ZS3$G-W$;82-D+-?S>E2@5(FH0E0C M:ACBECOMT?GT&^DNJ%]FABA'5"`J$56(:D0-0]P87\]#2?3*]!O)QD4T&#K] M)FZ/VPM1]V"$3*'EZ[JJ(8ED0T*7-TY6*!:(J[ZJ/8A4>V!E7D0YH@)1B:A" M5"-J&.+&B+KME,\@"&]XLA+)#N!"")40"Z&YC^-+$%Y5 M/".HE!FB'%&!J$14(:H1-0QQ/WF*)WUB?\N]9B2KYX48*B$60_.`DZTM=JK; M^1AVTO06@W4,>X0QC)T"P4="6S/_0YH@)1B:A"5"-J&.)^3SB]<7F9M^SXN!I0C*A"5 MB"I$-:*&(6Z,2.%6;KM@C$KX=@D*`Y.;Y"U`K*38YC=WYOSZ5Q4*\<$.W4>R MS:^09_,[:?N":3+KLC@!RF-`!:(2486H1M0PQ/WD)'JQ^>/9+=U_K#(^^