So it's TFS 2012 are you connecting to? Does it say so in the tool as well that it's connected to TFS 2012?
And which version of Team Project Manager are you using? Have you used the "converged" tool before or were you using the version-specific "edition" before?
I did upgrade to the latest TFS SDK and perhaps that no longer supports TFS 2012 (although I would be surprised)... So you could try the 2012 Edition from https://teamprojectmanager.codeplex.com/releases/view/616983.
And which version of Team Project Manager are you using? Have you used the "converged" tool before or were you using the version-specific "edition" before?
I did upgrade to the latest TFS SDK and perhaps that no longer supports TFS 2012 (although I would be surprised)... So you could try the 2012 Edition from https://teamprojectmanager.codeplex.com/releases/view/616983.