485BPOS

As filed with the Securities and Exchange Commission on April 14, 2014

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.	433	[X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940		[X]
Amendment No.	435	[X]

TRUST FOR PROFESSIONAL MANAGERS

(Exact Name of Registrant as Specified in Charter)

615 East Michigan Street

Milwaukee, Wisconsin 53202

(Address of Principal Executive Offices) (Zip Code)

 (Registrant’s Telephone Number, including Area Code) (414) 287-3338

Rachel A. Spearo, Esq.

U.S. Bancorp Fund Services, LLC

615 East Michigan Street, 2nd Floor

Milwaukee, Wisconsin 53202

(Name and Address of Agent for Service)

Copies to:

Carol A. Gehl, Esq.

Godfrey & Kahn, S.C.

780 North Water Street

Milwaukee, Wisconsin 53202

(414) 273-3500

It is proposed that this filing will become effective (check appropriate box)

[X]	Immediately upon filing pursuant to Rule 485(b).
[   ]	on (date) pursuant to Rule 485(b).
[   ]	on (date) pursuant to Rule 485(a)(1).
[   ]	60 days after filing pursuant to Rule 485 (a)(1).
[   ]	75 days after filing pursuant to Rule 485 (a)(2).
[   ]	on (date) pursuant to Rule 485(a)(2).

If appropriate, check the following box:

[X] This PEA No. 433 hereby incorporates Parts A, B and C from the Fund’s PEA No. 429 on Form N-1A filed March 17, 2014.  This PEA No. 433 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 429.

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. 433 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. 433 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 14th day of April, 2014.

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. 433 to its Registration Statement has been signed below on April 14, 2014, 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
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. 428 to its Registration Statement on Form N-1A with the SEC on February 14, 2014, 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

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Prospectus Date	rr_ProspectusDate	Mar. 28, 2014

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

Smead Value Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective.

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The investment objective of the Smead Value Fund (the “Fund”) is long-term capital appreciation.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses of the Fund.

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  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’s Class A shares.  More information about these and other discounts is available from your financial professional and under “Shareholder Information – Class A Sales Charge Reductions and Waivers” beginning on page 11 of the Fund’s Statutory Prospectus and under “Additional Purchase and Redemption Information – Sales Charges on Class A Shares” beginning on page 27 of the Fund’s Statement of Additional Information (“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)

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 11.32% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

11.32%

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 this prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses, which are less than 0.01% of the Fund's average net assets.

Expense Example [Heading]

rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example by, Year, Caption [Text]

rr_ExpenseExampleByYearCaption

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies.

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

To achieve its investment objective, the Fund will maintain approximately 25-30 companies in its portfolio and will invest in the common stocks of large capitalization (“large-cap”) U.S. companies.  The Fund considers large-cap companies to be those publicly traded U.S. companies with capitalizations exceeding $5 billion.

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

Required over entire holding period

·   products or services that meet a clear economic need;

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

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

·   generates high levels of cash flow;

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

Favored, but not required

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

·   strong balance sheet; and

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

The Fund’s portfolio is built around high quality companies whose businesses have strong competitive advantages that the Adviser believes can be sustained for the long term.  The Adviser maintains a sell discipline that is designed to manage overall portfolio risk by protecting against significant downside exposure of each security.  The Fund aims to be a low-turnover fund, and the expected holding period of a newly purchased security is a minimum of three to five years.

Risk [Heading]

rr_RiskHeading

Principal Risks.

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund.  The principal risks of investing in the Fund are:

·   Management Risk.  The Adviser’s investment strategies for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments.

·   General Market Risk.  The value of the Fund’s shares will fluctuate based on the performance of the Fund’s investments and other factors affecting the securities markets generally.

·   Equity Market Risk.  Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.

·   Large-Cap Company Risk.  Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors.  Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

Risk Lose Money [Text]

rr_RiskLoseMoney

Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance.

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

The performance information demonstrates the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, three year and since inception periods compare with those of a broad measure of market performance and the returns of an additional index of securities with characteristics similar to those that the Fund typically holds.  Remember, the Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at http://smeadcap.com/smead-funds or by calling the Fund toll-free at 877-807-4122.

Performance Information Illustrates Variability of Returns [Text]

rr_PerformanceInformationIllustratesVariabilityOfReturns

The performance information demonstrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the one year, three year and since inception periods compare with those of a broad measure of market performance and the returns of an additional index of securities with characteristics similar to those that the Fund typically holds.

Performance Availability Phone [Text]

rr_PerformanceAvailabilityPhone

877-807-4122

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

http://smeadcap.com/smead-funds

Performance Past Does Not Indicate Future [Text]

rr_PerformancePastDoesNotIndicateFuture

Remember, the Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

Bar Chart [Heading]

rr_BarChartHeading

Investor Class Shares1 Calendar Year Returns as of December 31

Bar Chart Does Not Reflect Sales Loads [Text]

rr_BarChartDoesNotReflectSalesLoads

The sales charges (loads) applicable to Class A shares are not reflected in the bar chart above presented for the Investor Class shares of the Fund, and if these amounts were reflected, returns may be less than those shown above.

Bar Chart Footnotes [Text Block]

rr_BarChartFootnotesTextBlock

1 The returns shown in the bar chart are for Investor Class shares.  The Institutional Class and Class A shares would have substantially similar returns because the shares are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.  The sales charges (loads) applicable to Class A shares are not reflected in the bar chart above presented for the Investor Class shares of the Fund, and if these amounts were reflected, returns may be less than those shown above.

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

The Fund’ calendar year-to-date return for the Fund as of December 31, 2013 was 37.53%.  During the period shown in the bar chart, the best performance for a quarter was 18.66% (for the quarter ended September 30, 2009) and the worst performance was -13.85% (for the quarter ended June 30, 2010).

Year to Date Return, Label

rr_YearToDateReturnLabel

year-to-date return

Bar Chart, Year to Date Return, Date

rr_BarChartYearToDateReturnDate

Dec. 31, 2013

Bar Chart, Year to Date Return

rr_BarChartYearToDateReturn

37.53%

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

best performance

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Sep. 30, 2009

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

18.66%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

worst performance

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Jun. 30, 2010

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(13.85%)

Index No Deduction for Fees, Expenses, Taxes [Text]

rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for fees, expenses or taxes)

Performance Table Uses Highest Federal Rate

rr_PerformanceTableUsesHighestFederalRate

After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred

rr_PerformanceTableNotRelevantToTaxDeferred

Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRA").

Performance Table One Class of after Tax Shown [Text]

rr_PerformanceTableOneClassOfAfterTaxShown

After-tax returns are shown for Investor Class shares only and will vary for Institutional Class and Class A shares.

Performance Table Closing [Text Block]

rr_PerformanceTableClosingTextBlock

Investor Class shares of the Fund commenced operations on January 2, 2008.  Institutional Class shares of the Fund commenced operations on December 18, 2009.  Performance shown for Institutional Class shares prior to its inception (Five Years and Since Inception) reflects the performance of Investor Class shares.  Class A shares of the Fund commenced operations on January 24, 2014.  Performance shown for Class A shares prior to its inception (One Year, Five Years and Since Inception) reflects the performance of Investor Class shares, adjusted to reflect Class A expenses.

After-tax returns are shown for Investor Class shares only and will vary for Institutional Class and Class A shares.  After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRA”).

Caption

rr_AverageAnnualReturnCaption

Average Annual Total Returns (Periods Ended December 31, 2013)

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

32.29%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

17.97%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

6.49%

Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes)

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

32.53%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

16.67%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

5.57%

Smead Value Fund Class A Shares

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

5.75%

Maximum Deferred Sales Charge (Load) (as a percentage of purchases that are redeemed within 18 months of purchase)

rr_MaximumDeferredSalesChargeOverOther

1.00%

^[1]

Management Fees

rr_ManagementFeesOverAssets

0.75%

Distribution (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Shareholder Servicing Fee

rr_Component1OtherExpensesOverAssets

0.25%

^[2]

Other Expenses

rr_OtherExpensesOverAssets

0.29%

^[3]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.54%

^[4]

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 18 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's Class A shares.

Expense Breakpoint, Minimum Investment Required [Amount]

rr_ExpenseBreakpointMinimumInvestmentRequiredAmount

$ 25,000

Other Expenses, New Fund, Based on Estimates [Text]

rr_OtherExpensesNewFundBasedOnEstimates

Because Class A shares are new, these expenses are estimated based on the other expenses of the Investor Class shares of the Fund for the fiscal year ended November 30, 2013.

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

157

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

506

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

883

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

1,942

Label

rr_AverageAnnualReturnLabel

Class A Shares Return Before Taxes

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

37.19%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

21.72%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

7.39%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Jan. 24, 2014

Smead Value Fund Investor 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 purchases that are redeemed within 18 months of purchase)

rr_MaximumDeferredSalesChargeOverOther

none

^[1]

Management Fees

rr_ManagementFeesOverAssets

0.75%

Distribution (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Shareholder Servicing Fee

rr_Component1OtherExpensesOverAssets

none

^[2]

Other Expenses

rr_OtherExpensesOverAssets

0.29%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.29%

^[4]

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

131

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

409

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

708

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

1,556

Annual Return 2009

rr_AnnualReturn2009

30.81%

Annual Return 2010

rr_AnnualReturn2010

12.39%

Annual Return 2011

rr_AnnualReturn2011

4.67%

Annual Return 2012

rr_AnnualReturn2012

27.83%

Annual Return 2013

rr_AnnualReturn2013

37.53%

Label

rr_AverageAnnualReturnLabel

Investor Class Shares Return Before Taxes

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

37.53%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

22.02%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

7.66%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Jan. 02, 2008

Smead Value Fund Investor Class Shares | After Taxes on Distributions

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Investor Class Shares Return After Taxes on Distributions

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

36.49%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

21.74%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

7.41%

Smead Value Fund Investor Class Shares | After Taxes on Distributions and Sale of Fund Shares

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Investor Class Shares Return After Taxes on Distributions and Sale of Fund Shares

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

22.07%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

18.12%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

6.07%

Smead Value 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 purchases that are redeemed within 18 months of purchase)

rr_MaximumDeferredSalesChargeOverOther

none

^[1]

Management Fees

rr_ManagementFeesOverAssets

0.75%

Distribution (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Shareholder Servicing Fee

rr_Component1OtherExpensesOverAssets

none

^[2]

Other Expenses

rr_OtherExpensesOverAssets

0.29%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.04%

^[4]

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

106

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

331

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

574

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

$ 1,271

Label

rr_AverageAnnualReturnLabel

Institutional Share Class Return Before Taxes

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

37.88%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

22.26%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

7.83%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Dec. 18, 2009

[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 18 months of purchase.

[2] The Fund has adopted a maximum Shareholder Servicing Fee of 0.25% for Class A shares.

[3] Because Class A shares are new, these expenses are estimated based on the other expenses of the Investor Class shares of the Fund for the fiscal year ended November 30, 2013.

[4] Please note that the Total Annual Fund Operating Expenses in the table above do not correlate to the Ratio of Expenses to Average Net Assets found within the "Financial Highlights" section of this prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses, which are less than 0.01% of the Fund's average net assets.

XML

Smead Value Fund

Smead Value Fund

Investment Objective.

The investment objective of the Smead Value Fund (the “Fund”) is long-term capital appreciation.

Fees and Expenses of the Fund.

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  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’s Class A shares.  More information about these and other discounts is available from your financial professional and under “Shareholder Information – Class A Sales Charge Reductions and Waivers” beginning on page 11 of the Fund’s Statutory Prospectus and under “Additional Purchase and Redemption Information – Sales Charges on Class A Shares” beginning on page 27 of the Fund’s Statement of Additional Information (“SAI”).

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Smead Value Fund		Smead Value Fund Class A Shares	Smead Value Fund Investor Class Shares	Smead Value Fund Institutional Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		5.75%	none	none
Maximum Deferred Sales Charge (Load) (as a percentage of purchases that are redeemed within 18 months of purchase)	[1]	1.00%	none	none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses Smead Value Fund		Smead Value Fund Class A Shares		Smead Value Fund Investor Class Shares	Smead Value Fund Institutional Class Shares
Management Fees		0.75%		0.75%	0.75%
Distribution (12b-1) Fees		0.25%		0.25%	none
Other Expenses		0.29%	[1]	0.29%	0.29%
Shareholder Servicing Fee	[2]	0.25%		none	none
Total Annual Fund Operating Expenses	[3]	1.54%		1.29%	1.04%

Example

This Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example Smead Value Fund (USD $)	One Year	Three Years	Five Years	Ten Years
Smead Value Fund Class A Shares	157	506	883	1,942
Smead Value Fund Investor Class Shares	131	409	708	1,556
Smead Value Fund Institutional Class Shares	106	331	574	1,271

Portfolio Turnover.

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may generate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 11.32% of the average value of its portfolio.

Principal Investment Strategies.

To achieve its investment objective, the Fund will maintain approximately 25-30 companies in its portfolio and will invest in the common stocks of large capitalization (“large-cap”) U.S. companies.  The Fund considers large-cap companies to be those publicly traded U.S. companies with capitalizations exceeding $5 billion.

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

Required over entire holding period

·   products or services that meet a clear economic need;

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

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

·   generates high levels of cash flow;

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

Favored, but not required

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

·   strong balance sheet; and

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

The Fund’s portfolio is built around high quality companies whose businesses have strong competitive advantages that the Adviser believes can be sustained for the long term.  The Adviser maintains a sell discipline that is designed to manage overall portfolio risk by protecting against significant downside exposure of each security.  The Fund aims to be a low-turnover fund, and the expected holding period of a newly purchased security is a minimum of three to five years.

Principal Risks.

Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund.  The principal risks of investing in the Fund are:

·   Management Risk.  The Adviser’s investment strategies for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments.

·   General Market Risk.  The value of the Fund’s shares will fluctuate based on the performance of the Fund’s investments and other factors affecting the securities markets generally.

·   Equity Market Risk.  Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.

·   Large-Cap Company Risk.  Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors.  Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

Performance.

The performance information demonstrates the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, three year and since inception periods compare with those of a broad measure of market performance and the returns of an additional index of securities with characteristics similar to those that the Fund typically holds.  Remember, the Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at http://smeadcap.com/smead-funds or by calling the Fund toll-free at 877-807-4122.

Investor Class Shares1 Calendar Year Returns as of December 31

1 The returns shown in the bar chart are for Investor Class shares.  The Institutional Class and Class A shares would have substantially similar returns because the shares are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.  The sales charges (loads) applicable to Class A shares are not reflected in the bar chart above presented for the Investor Class shares of the Fund, and if these amounts were reflected, returns may be less than those shown above.

The Fund’ calendar year-to-date return for the Fund as of December 31, 2013 was 37.53%.  During the period shown in the bar chart, the best performance for a quarter was 18.66% (for the quarter ended September 30, 2009) and the worst performance was -13.85% (for the quarter ended June 30, 2010).

Average Annual Total Returns (Periods Ended December 31, 2013)

Average Annual Returns Smead Value Fund	Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
Smead Value Fund Class A Shares	Class A Shares Return Before Taxes	37.19%	21.72%	7.39%	Jan. 24, 2014
Smead Value Fund Investor Class Shares	Investor Class Shares Return Before Taxes	37.53%	22.02%	7.66%	Jan. 02, 2008
Smead Value Fund Institutional Class Shares	Institutional Share Class Return Before Taxes	37.88%	22.26%	7.83%	Dec. 18, 2009
After Taxes on Distributions Smead Value Fund Investor Class Shares	Investor Class Shares Return After Taxes on Distributions	36.49%	21.74%	7.41%
After Taxes on Distributions and Sale of Fund Shares Smead Value Fund Investor Class Shares	Investor Class Shares Return After Taxes on Distributions and Sale of Fund Shares	22.07%	18.12%	6.07%
S&P 500® Index (reflects no deduction for fees, expenses or taxes)	S&P 500® Index (reflects no deduction for fees, expenses or taxes)	32.29%	17.97%	6.49%
Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes)	Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes)	32.53%	16.67%	5.57%

Investor Class shares of the Fund commenced operations on January 2, 2008.  Institutional Class shares of the Fund commenced operations on December 18, 2009.  Performance shown for Institutional Class shares prior to its inception (Five Years and Since Inception) reflects the performance of Investor Class shares.  Class A shares of the Fund commenced operations on January 24, 2014.  Performance shown for Class A shares prior to its inception (One Year, Five Years and Since Inception) reflects the performance of Investor Class shares, adjusted to reflect Class A expenses.

After-tax returns are shown for Investor Class shares only and will vary for Institutional Class and Class A shares.  After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRA”).

[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 18 months of purchase.

[1] Because Class A shares are new, these expenses are estimated based on the other expenses of the Investor Class shares of the Fund for the fiscal year ended November 30, 2013.

[2] The Fund has adopted a maximum Shareholder Servicing Fee of 0.25% for Class A shares.

[3] Please note that the Total Annual Fund Operating Expenses in the table above do not correlate to the Ratio of Expenses to Average Net Assets found within the "Financial Highlights" section of this prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses, which are less than 0.01% of the Fund's average net assets.

XML

Document and Entity Information	0 Months Ended
	Nov. 30, 2013
Risk/Return:
Document Type	485BPOS
Document Period End Date	Nov. 30, 2013
Registrant Name	TRUST FOR PROFESSIONAL MANAGERS
Central Index Key	0001141819
Amendment Flag	false
Document Creation Date	Mar. 17, 2014
Document Effective Date	Mar. 28, 2014
Prospectus Date	Mar. 28, 2014
Smead Value Fund | Smead Value Fund Investor Class Shares
Risk/Return:
Trading Symbol	SMVLX
Smead Value Fund | Smead Value Fund Institutional Class Shares
Risk/Return:
Trading Symbol	SMVMX
Smead Value Fund | Smead Value Fund Class A Shares
Risk/Return:
Trading Symbol	SVFAX