|
Organization
|
|
|
Trust for Professional Managers (the “Trust”) was organized as a Delaware statutory trust under a Declaration
|
|
|
of Trust dated May 29, 2001. The Trust is registered under the Investment Company Act of 1940, as amended
|
|
|
(the “1940 Act”), as an open-end management investment company. The Snow Capital Small Cap Value Fund (the “Fund”)
|
|
|
represents a distinct series with its own investment objectives and policies within the Trust. The investment objective of the
|
|
|
Fund is long-term capital appreciation. The Trust may issue an unlimited number of shares of beneficial interest at $0.001 par
|
|
|
value. The assets of the Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The
|
|
|
Fund commenced operations on November 30, 2010.
|
|
|
|
Significant Accounting Policies
|
|
|
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation
|
|
|
of these schedules of investments. These policies are in conformity with generally accepted accounting principles in the
|
|
|
United States of America (“GAAP”).
|
|
|
|
Investment Valuation
|
|
|
The Funds’ securities, including American Depositary Receipts (“ADRs”), which are traded on securities exchanges are valued
|
|
|
at the last sale price on the exchange on which such securities are traded, as of the close of business on the day the securities
|
|
|
are being valued or, lacking any reported sales, at the mean between the last available bid and asked price. Securities that are
|
|
|
traded on more than one exchange are valued on the exchange determined by the Adviser to be the primary market. Securities
|
|
|
listed in the Nasdaq Stock Market, Inc. (“NASDAQ”) will be valued using the NASDAQ Official Closing Price (“NOCP”).
|
|
|
If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been
|
|
|
no sale on such day, at the mean between the bid and asked prices. Over-the-counter (“OTC”) securities that are not listed
|
|
|
on NASDAQ shall be valued at the most recent trade price. Short-term debt obligations with remaining maturities in excess of
|
|
|
60 days are valued at current market prices, as discussed above. Short-term securities with 60 days or less remaining to
|
|
|
maturity are, unless conditions indicate otherwise, amortized to maturity based on their cost to the Fund if acquired within
|
|
|
60 days of maturity or, if already held by the Fund on the 60th day, based on the value determined on the 61st day. When
|
|
|
market quotations are not readily available, any security or other asset is valued at its fair value as determined under
|
|
|
procedures approved by the Trust’s Board of Trustees. These fair value procedures will also be used to price a security when
|
|
|
corporate events, events in the securities market and/ or world events cause the Adviser to believe that a security’s last sale price
|
|
|
may not reflect its actual market value at the close of the business day. The intended effect of using fair value pricing
|
|
|
procedures is to ensure that the Fund is accurately priced.
|
|
|
|
|
The Valuation Committee of the Trust shall meet to consider any valuations. This consideration includes reviewing
|
|
|
various factors set forth in the pricing procedures adopted by the Board of Directors and other factors as warranted.
|
|
|
In considering a fair value determination, factors that may be considered, among others include; the type and structure
|
|
|
of the security; unsual events or circumstances relating to the security's issuer; general market conditions; prior day's
|
|
|
valuation; fundamental analytical data; size of the holding; cost of the security on the date of purchase; trading activity
|
|
|
and prices of similar securities or financial instruments.
|
|
|
|
|
|
The Fund has adopted Statement of Financial Accounting Standard, “Fair Value Measurements and Disclosures”
|
|
|
(“Fair Value Measurements”) and FASB Staff Position “Determining Fair Value When the Volume and Level of
|
|
|
Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions that are Not Orderly”
|
|
|
(“Determining Fair Value”). Determining Fair Value clarifies Fair Value Measurements and requires an entity to
|
|
|
evaluate certain factors to determine whether there has been a significant decrease in volume and level of
|
|
|
activity for the security such that recent transactions and quoted prices may not be determinative of fair value
|
|
|
and further analysis and adjustment may be necessary to estimate fair value. Determining Fair Value also
|
|
|
requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those
|
|
|
instances as well as expanded disclosure of valuation levels for major security types. Fair Value Measurements
|
|
|
requires the Fund to classify its securities based on valuation method. These inputs are summarized in the three
|
|
|
broad levels listed below:
|