Jensen Investments

Core Portfolio
We believe that enduring wealth comes from owning great companies for a long time. We invest in companies; we don't trade stocks. Unlike many mutual fund advisers, we manage only one fund. That's why when we find a company that meets our stringent investment criteria, we invest and hold it in The Jensen Portfolio. Our single fund approach makes it easy for investors to consider adding The Jensen Portfolio as a core holding to their investment portfolio.

Consistency
At Jensen Investment Management, our efforts are focused on a single, investment discipline. Since 1988 we have consistently adhered to our time-proven approach.

Results
Our proprietary approach and cohesive investment team take a long-term view and have produced consistently good performance results for our investors with less risk than the overall market.

Management Integrity
Jensen is an independent, employee-owned firm. We understand that our integrity is vital to forming and maintaining successful long-term relationships. With that in mind, we conduct our business in accordance with stringent legal, regulatory and ethical standards and are dedicated to providing the best client service possible.

Experience
Our investment discipline is backed by an investment team with CEO and executive management experience in investments, banking, finance, service companies and mergers and acquisitions. We are business analysts, not market analysts. We approach each investment as though we intend to buy the entire company rather than just its stock.

Personal Commitment
We believe that management ownership is important in the companies in which we invest and we apply the same principle to our own business. We have such strong conviction in our investment discipline that each of our executives has a significant personal investment in the firm and in the Jensen equity discipline, alongside our shareholders.

Tax Sensitivity
Companies in the Jensen Portfolio are held for a long period. That results in low turnover and transaction costs. In taxable accounts, deferred capital gains taxes can increase long-term results. Investors can benefit with enhanced net returns and accelerated compounded growth.

Investor Equality
At Jensen Investment Management, our efforts are focused on a single equity discipline. The investment discipline used for our separately managed accounts and our institutional clients is also found in The Jensen Portfolio. Our team approach and proprietary investment discipline ensure that every investor will receive consistent investment management over the long term.

Management Integrity
Late Trading Prohibited. The Fund does not accept the placement, cancellation or modification of any order to purchase or sell Fund shares after the close of the New York Stock Exchange (NYSE). To the best of our knowledge, the Fund has made no exceptions to this policy. This is in accordance with the rules of the Securities and Exchange Commission (SEC) and also applies to shareholders who place orders through intermediaries such as brokers and retirement plan platforms. These intermediaries are authorized to transmit their customer orders for the Fund at that day's closing price after the close of the NYSE only if those orders were received prior to the close.

Market Timers Discouraged. Jensen Investment Management monitors trading activity in the Fund to detect and prevent short-term trading that we deem to be the actions of market-timing traders. If we detect an investment professional or individual involved in this activity, they will be banned from making future purchases.

Reasonable Expenses. Jensen has a long-standing commitment to keeping expenses low. For example, the overall expense ratio of our retail class "J" shares (minimum investment $2500) is .85%, well below industry averages for large cap growth funds.

Low Turnover. Because we believe that enduring wealth comes from owning great companies for a long time, Jensen takes a long-term approach when investing in companies. This leads to low turnover in the portfolio and helps to minimize trading costs.

No Soft Dollar Arrangements. Jensen has a long-standing policy of not entering into soft dollar arrangements. This policy helps to minimize trading costs for the portfolio.

Straight Talk About Portfolio Management. Candid discussion is inherent to the communications we provide to shareholders of The Jensen Portfolio. We strive to respond promptly to shareholder inquiries. We are the first to note, with respect to forecasting market conditions, that the crystal ball has always proved to be cloudy. But we do have confidence in the ability of the companies in which we invest to maintain consistently high levels of business performance. We know that in the long run, market prices should reflect those strong performances. And, we believe that the Jensen discipline will provide investors with attractive long-term equity growth with less risk than the overall market.

Long Term Consistency
The Jensen Portfolio was established in August 1992, as an alternative way for our private clients and their families to enjoy the benefits of our investment discipline. The Fund initially was best known in the Northwest. However, its consistently good performance attracted media attention several years ago and today the Fund is known nationwide by the investment community as well as the financial media.

Minimal Capital Gains Distributions
Our long-term strategy and low turnover has meant that capital gains distributions have been infrequent. The table below shows the Fund total distributions over the last five years. In 2000 the Fund had its first significant capital gains distributions since its inception in 1992. In taxable accounts, low capital gains can increase long-term results. Investors can benefit from enhanced net returns and accelerated compounded growth.

Three Share Classes
The Jensen Portfolio offers three share classes to meet the needs of a broad range of mutual fund investors:

J Shares - launched in 1992, are offered to investors with a minimum investment of $2,500. These shares can meet the needs of individual investors, 401(k) and other retirement plan participants and smaller institutions.

R Shares - launched in 2003, are offered primarily to participants in 401(k) and other retirement savings plans.
I Shares - also launched in 2003, are offered to investors with a minimum investment of one million dollars. These shares meet the needs of high-net-worth individual investors and institutional investors.

Available Nationwide
The Jensen Portfolio is registered in all 50 states and is available in most of the larger fund "supermarket" programs and through financial professionals as well as direct from Jensen Investment Management.

What makes The Jensen Portfolio different?
We believe that enduring wealth comes from owning great companies for a long time. We invest in companies; we don't trade stocks. Unlike many mutual fund advisers, we manage only one fund and we adhere to a single time-proven investment discipline. Our proprietary discipline and team approach take a long-term view and have produced consistently good performance for our investors.

Who manages The Jensen Portfolio?
The Jensen Portfolio is team managed. Every member of this experienced team uses their own fundamental, bottom-up research and Jensen's unique style of business analysis to examine each company considered for The Jensen Portfolio. Team members include Robert Zagunis, Robert Millen, Robert McIver, Eric Schoenstein and Kurt Havnaer. To learn more, please go to INVESTMENT TEAM BIOS.

What are the top priorities for The Jensen Portfolio investment management team?
The team continually strives to deliver consistent, competitive performance, low expenses and the best customer service possible. As Founder Val Jensen has often said, "There are several things you can count on with The Jensen Portfolio - investment in some of the very best companies, absolutely no style drift, sensitivity to taxes and fees, and the ability to talk to a real live person to get your questions answered."

Are 25 stocks enough to spread investment risk?
We target our investments in a few outstanding companies, the fundamentals of which we are able to understand extremely well. We do not trade stocks, attempt to replicate an index or succumb to the latest momentum-driven fad. Our discipline demands that we thoroughly screen the universe of publicly-traded companies and select only those for consideration that have sustainable competitive advantages, have produced consistent high levels of earnings for each of the past 10 years and are expected to produce increasing amounts of cash flow well into the future. We purchase companies in the portfolio when they are selling at significant discounts to what, in our opinion, is their intrinsic value. We believe this discipline provides a margin of safety and, when combined with the consistency of high business performance, produces a portfolio that has achieved above-average performance with below-average risk.

How is portfolio risk controlled and monitored?
Jensen seeks out top growth companies based upon their ability to meet stringent business performance criteria, and to consistently, persistently deliver to those criteria. We then buy those companies at a discount to what we believe to be their intrinsic value. In doing these things, we feel that we minimize both the business risk and the pricing risk of which investors must be aware. Additionally, risk is controlled through strict adherence to our sell discipline.

What type of investor is suitable for The Jensen Portfolio?
We believe that in order to build enduring wealth one must purchase great companies at attractive prices and hold on to them. Therein lies the essence of our investment discipline. The Fund may be suitable for long-term investors seeking a high quality portfolio of common stocks and who accept and understand short-term market fluctuations. It may be suitable for tax-deferred (e.g. IRA's) and taxable accounts with the added benefit in taxable accounts of having low turnover, which minimizes the erosive effect that taxes and fees have on returns.

How can I become a shareholder in The Jensen Portfolio?
You can download an application directly from our website by going to APPLICATIONS AND FORMS. If you prefer, you may request that information mailed to you by calling 800-992-4144. Please read the PROSPECTUS carefully before you send money.

The Jensen Portfolio also is available through many discount, online and independent brokerage firms.

How is The Jensen Portfolio "tax sensitive"?
Companies in The Jensen Portfolio are held for a long period. That results in lower turnover and transaction costs. In taxable accounts, deferred capital gains taxes can increase long-term results. Investors can benefit with enhanced net returns and accelerated compound growth.